The Bitcoin community initiated a JP Morgan boycott. This follows MSCI’s potential exclusion of crypto treasury firms, risking massive outflows.
The backlash against the financial services company JP Morgan grew significantly. This came from the Bitcoin community. Supporters of BTC’s treasury company MicroStrategy joined in as well. Calls to “boycott” JP Morgan swelled on Sunday.
MSCI Exclusion Threatens Crypto Treasury Firms, Sparks Boycott
The outrage by the Bitcoin community was preceded by recent news. Specifically, MSCI, formerly Morgan Stanley Capital International, is an index company. It establishes criteria for inclusion in the index. It is likely to push out crypto treasury companies from its indexes. This is expected to be decided in January 2026.
Related Reading: Bitcoin News: Strategy Inc. Defends Bitcoin Model Amid MSCI Reclassification Push | Live Bitcoin News
Prominent real estate investor Grant Cardone has now joined the crypto community. They are calling for a boycott of JPMorgan. This follows the warning of the banking giant. It stated MicroStrategy faces as much as $2.8 billion in outflows. This would happen in the event of it being pulled out of the MSCI indices.
JUST IN: Large numbers of users are allegedly rushing to close accounts at JP Morgan following a premeditated attack on $MSTR shareholders. pic.twitter.com/396wK1ToGi
— The ₿itcoin Therapist (@TheBTCTherapist) November 23, 2025
And if other index providers follow MSCI’s lead, total withdrawals could be huge. They could reach $8.8 billion. JPMorgan analysts said this in a note this week. This points out the terrible financial implications.
MicroStrategy shares continued to go downhill. This continued up to the end of the week. This year, they hit their low of about $170. This occurred at the close of the market on Friday.
Deaton described one possible scenario. If retail traders feel that the bank is gambling against MSTR, they can rally. They may form up around the stock. This happened with GME. They could try to drive its price up.
Community Reacts to JPMorgan’s “Attack” Amid Rule Change
A leading global index provider, MSCI is considering a rule change. This would eliminate companies. These own 50% or more of their assets in digital currencies. This is true of its standard equity benchmarks. Examples are the MSCI World and MSCI USA indexes.
The public consultation on this will end in December. A final decision can be expected in about January 15th 2026.
J.P. Morgan analysts had published a research note. It gave the outlines of the consequences. This rule would affect MicroStrategy (MSTR). This company is well known for its large treasury of Bitcoin. The bank estimated an exclusion could spur billions in passivity investment outflows for MicroStrategy. This potentially affects its stock value. This also impacts its ability to raise capital.
The Bitcoin community and MicroStrategy supporters took the J.P. Morgan report as an attack. They considered it to be targeting the crypto industry. High-profile people spearheaded the call for a boycott.
For instance, real estate investor and bitcoin proponent Grant Cardone took it in stride. He claimed to have taken $20 million out of Chase. This is a subsidiary of J.P. Morgan. Bitcoin proponent Max Keiser appealed to proponents. He called for them to “crash JP Morgan and buy MicroStrategy and BTC”.
If the MSCI proposal goes through, it will have significant effects. Index funds and asset managers mandated to track these indexes would be forced to sell their shares in MicroStrategy. This possible depress its stock price. It could also potentially have a significant impact on the overall cryptocurrency market.