JPMorgan Chase: The shift of blockchain applications towards permissioned chains and unified ledgers poses structural risks to Bitcoin

According to The Block, JPMorgan analysts pointed out that Strategy's recent sell-off of Bitcoin and its BTC monetization plan has brought temporary selling pressure, but the greater risk lies in the shift of blockchain applications towards bank self built or regulatory friendly permissioned chains and unified ledgers. If tokenized deposits, SWIFT blockchain projects, and central bank digital currencies are implemented within traditional financial infrastructure, the activity, liquidity, and fund flow of public chains and tokens will be weakened, and the demand for stablecoins will be partially replaced by bank tokenized deposits, suppressing the performance of Bitcoin.