Bitcoin Advocates Urge Users to Boycott JPMorgan Over Revised MSCI Rules

• Top Bitcoin advocates have urged cryptocurrency users to boycott JPMorgan.
• The campaign started after JPMorgan announced adjustments in its MSCI rules.
• New rules would exclude Strategy from being among MSCI’s major indexes.

Bitcoin advocates are calling on crypto fans to boycott JPMorgan, following the financial institution’s latest adjustments in its MSCI rules that could lead to the exclusion of firms like Strategy from its key indexes. According to reports, the MSCI-adjusted rules consider firms like Strategy to be too Bitcoin-dependent and estimate that this could create a complicated situation in the market.

Bitcoin Users Push Back Against JPMorgan

Despite JPMorgan’s latest classification, Strategy founder Michael Saylor has insisted that his firm is an operating business, not just a Bitcoin fund, as JPMorgan is presenting. Meanwhile, other crypto advocates are pushing back hard in protest against the bank, urging people to close their accounts with JPMorgan.

Related Article: Strategy (MSTR) Faces Exclusion From Major Indices in January

One such Bitcoin advocate, Adam Livingstone, believes JPMorgan, through their latest move, has started a “war” with Bitcoin supporters. Livingstone highlighted Bitcoin users’ independence, stating how they can, and should, walk away from the bank for taking hostile shots at the companies they believe in. 

Through the tweet, Livingstone accused JPMorgan of behaving like a political actor instead of a neutral financial institution. According to him, investors have the right to move their portfolios elsewhere, probably to a place that does not treat Bitcoin-aligned companies as a threat. He stated that “legacy institutions don’t get to sabotage innovation on Friday, then ask for your business on Monday.

JPMorgan Dumped MSTR Position

In the meantime, JPMorgan reportedly dumped 25% of its MSTR position shortly before the MSCI’s announcement about excluding Bitcoin companies from major indexes. That move has not pleased Bitcoin supporters, many of whom disagree with the bank’s recent gestures. 

Meanwhile, renowned Bitcoin advocate Mark Keiser considers JPMorgan’s short Strategy position a huge risk. According to Keiser, a 50% pump in MSTR could bankrupt the bank if it maintains such a position. Nonetheless, the billionaire Bitcoin supporter joins others in his category to campaign against JPMorgan over the latest MSCI rule.

Related Article: Investor Mike Alfred Ditches MSTR for Strive, Calls Saylor’s Plan a ‘Fairy Tale’