JPMorgan: Blockchain applications shifting toward permissioned chains and unified ledgers pose structural risks to bitcoin

According to The Block, JPMorgan analysts pointed out that Strategy's recent sale of Bitcoin and its BTC liquidation plan have brought short-term selling pressure, but the bigger risk lies in blockchain applications shifting toward banks' self-developed or regulator-friendly permissioned blockchains and unified ledgers. If tokenized deposits, the SWIFT blockchain project, and central bank digital currencies are implemented within traditional financial infrastructure, the activity, liquidity, and capital flow of public blockchains and tokens will be weakened, and the demand for stablecoins will be partially replaced by banks’ tokenized deposits, resulting in suppressed performance for Bitcoin.