Bitcoin Community, Grant Cardone Call For JPMorgan Boycott Over MSCI Strategy Issue, Epstein Ties
There are growing calls from some in the Bitcoin community for a boycott of JPMorgan after the bank said in a research note that MSCI may delist Michael Saylor’s Strategy, a backlash that intensified after Senate findings revived scrutiny of the bank’s handling of transactions by sex offender Jeffrey Epstein.
The campaign has gained support from some high-profile voices, including property magnate and author Grant Cardone, who said he closed his JPMorgan accounts and urged others to do the same.
”I cancelled my JPM account and moved entire account to Wells,” he told his 1.2 million followers on X. ”Also, don’t use chase credit card if you’re worried about fraud. More to come.”
JPMorgan told clients last week that MSCI is weighing whether to exclude from its indexes companies that hold more than half their assets in crypto, a decision that’s due in January. The bank warned that Strategy, the largest corporate holder of Bitcoin, could lose investment flows worth as much as $12 billion if it is excluded.
The online backlash gained momentum after newly-released Senate documents suggested JPMorgan had under-reported suspicious transactions by Epstein for years.
Adding further fuel to the online campaign against the bank was news that JPMorgan had closed the bank accounts of Strike CEO Jack Mallers in September.
“Why is JP Morgan DEBANKING one of the most prominent Bitcoiners, the Trump family, AND instituting a 95% margin requirement for MSTR?” Bitcoin advocate and author Adam Livingston wrote on X. “On top of that, knowingly banking for Epstein for 5+ years AFTER he SOLICITED A CHILD for sex? BOYCOTT JP MORGAN CHASE.”
Max Keiser Urges Followers To ‘Crash JP Morgan, Buy $MSTR’
Bitcoin maxi Fred Kreuger told his 187.8k followers on X that the traditional banking system is an “enemy” of the crypto industry.
“JP Morgan has been consolidating its power as the head of the Banking Crime syndicate through both Obama terms, Trump 1.0 and Biden,” Krueger said, claiming that even the US Federal Reserve works for the banking giant.
“They HATE Bitcoin, DEFI and Stablecoins,” he added. “They quietly architected Chokepoint 1.0 and 2.0. Now, they see Bitcoin as vulnerable and they are putting the screws on MSTR.”
Similarly, fellow Bitcoin advocate Max Keiser urged his 663K X followers to “crash JP Morgan” and “buy $MSTR (& Bitcoin).
Saylor Responds To MSCI Index Risk
MSCI had said that some crypto treasury firms like Strategy may be more similar to investment funds that are not eligible for inclusion in its indexes.
Saylor responded on Friday in a post on X, saying “Strategy is not a fund, not a trust, and not a holding company,” adding that ”We’re a publicly traded operating company with a $500 million software business and a unique treasury strategy that uses Bitcoin as productive capital.”
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