DeepFlow TechFlow news, July 9, according to The Block, JPMorgan analysts pointed out in their latest report that while Strategy’s Bitcoin sale plan has attracted market attention, it is not the core risk facing Bitcoin. The real structural threat is that blockchain applications such as tokenization, payments, and settlement are increasingly occurring on permissioned blockchains, rather than on public chains like Ethereum. If this trend continues, the public chain ecosystem will face issues such as declining liquidity and weakening capital inflows, ultimately dragging down Bitcoin’s valuation.
The analysts also warned that banks building their own blockchain infrastructure and the proliferation of tokenized deposits could weaken the position of stablecoins in institutional payments; regulated alternatives such as SWIFT blockchain initiatives, the digital euro, and the digital yuan also pose competitive pressure. However, the analysts also noted that these risks could be mitigated if hybrid public-private chain models emerge, stablecoin regulation becomes clearer, or Bitcoin continues to be held as ‘digital gold.’
