Nikolaos Panigirtzoglou

JPMorgan analysts argue that private blockchains, not MicroStrategy's Bitcoin sales, pose the greater threat to Bitcoin. They warn that institutional adoption of permissioned blockchains with regulatory compliance could shift tokenization, payments, and settlements away from public networks like Bitcoin and Ethereum, reducing liquidity and capital flows. The report highlights risks from tokenized deposits, central bank digital currencies, and real-world asset tokenization migrating to private infrastructure.

JPMorgan analysts state Bitcoin has traded below its estimated $78,000 production cost for five consecutive months, causing roughly 20% of miners to operate unprofitably. Publicly listed miners sold a record 32,000 bitcoin in Q1 2026 to fund operations, with mining difficulty and hashrate showing heightened sensitivity to price declines.