TechFlow reports, July 9. According to The Block, JPMorgan analysts pointed out in their latest report that although Strategy's Bitcoin selling plan has sparked market attention, it is not the core risk facing Bitcoin. The real structural threat lies in the fact that blockchain applications such as tokenization, payments, and settlements are increasingly occurring on permissioned chains (Permissioned Blockchain), rather than public chains like Ethereum. If this trend continues, the public chain ecosystem will face issues such as declining liquidity and weakened capital inflows, ultimately dragging down Bitcoin valuations.
The analysts also warned that banks building their own blockchain infrastructure and the proliferation of tokenized deposits may weaken the position of stablecoins in institutional payments; regulated alternative solutions such as the SWIFT blockchain initiative, digital euro, and digital yuan also constitute competitive pressure. However, the analysts also pointed out that if hybrid public-private chain models emerge, stablecoin regulation becomes clearer, or Bitcoin continues to be held as "digital gold", the aforementioned risks may be alleviated.
