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Members of the Bitcoin community have initiated a widespread boycott of JP Morgan Chase, citing the bank’s role in highlighting potential exclusions of crypto-holding companies from major stock indexes, along with claims of debanking and other grievances. The campaign has spread across social media, with users closing accounts and urging others to follow suit.
The boycott gained momentum following a JP Morgan research note that warned of risks to companies like MicroStrategy (MSTR) due to proposed changes by index provider MSCI. Set to take effect on January 15, 2026, the rule would exclude firms from MSCI’s Global Investable Market Indexes if digital assets comprise more than 50% of their equity book value.
MicroStrategy, which holds over 252,000 Bitcoin in its treasury, could face exclusion, potentially leading to forced sell-offs estimated at $2.8 billion initially, expanding to $8.8 billion across broader indexes.
The JP Morgan note stated: “MicroStrategy [is] at risk of exclusion… as the January 15th MSCI decision approaches.”
Community members have described this as an anti-crypto maneuver, contributing to recent drops in MSTR stock and Bitcoin prices.
MicroStrategy founder Michael Saylor has responded by emphasizing that the company operates as a business intelligence firm, not an investment fund.
Participants in the boycott have also referenced instances of account closures affecting crypto-industry figures. Strike CEO Jack Mallers reported in September 2025 that JP Morgan closed his personal accounts without providing a specific reason, despite his family’s long-term relationship with the bank. Mallers shared the closure letter on social media and stated, “If you have an account with @jpmorgan, you are complicit.”
This has been linked by some to broader patterns dubbed “Operation Chokepoint 2.0,” referring to perceived restrictions on crypto-related banking.
Further, a U.S. Senate Finance Committee memo released on November 19, 2025, detailed JP Morgan’s handling of transactions associated with Jeffrey Epstein.
The document noted suspicious activity reports (SARs) totaling $4.3 million from 2002 to 2016, with an additional $1.3 billion flagged after Epstein’s 2019 arrest. The bank settled related claims for $290 million earlier.
Boycott advocates have cited these details as evidence of inconsistencies in the bank’s practices.
Unconfirmed rumors circulated in the community suggest JP Morgan holds a significant short position on MSTR stock, which could be impacted by a 50% price increase.
The #BoycottJPM hashtag has trended on X (formerly Twitter) since November 20, 2025, with thousands of posts documenting account closures and calls to action.
Real estate investor Grant Cardone announced he canceled his JP Morgan account, withdrew $20 million, and moved assets to Wells Fargo, adding: “I cancelled my JPM account and moved entire account to Wells. Also, don’t use Chase credit card if you’re worried about fraud. More to come.”
Other prominent figures include Max Keiser, who posted, “Crash JP Morgan, buy MSTR & Bitcoin,” and Adam Livingston, who declared, “JPMORGAN WANTED A WAR WITH BITCOIN — NOW THEY HAVE ONE,” urging a full boycott.
Influencer The Bitcoin Therapist labeled JP Morgan as “ENEMY NUMBER ONE OF BITCOIN.”
Some posts compare the situation to the 2021 GameStop stock surge, with references to a potential short squeeze.
Reports indicate waves of customers closing accounts, with one post claiming: “THOUSANDS OF CUSTOMERS ARE CLOSING THEIR JP MORGAN ACCOUNTS AFTER A COORDINATED ATTACK ON BITCOIN AND $MSTR SHAREHOLDERS.”
Engagement on these posts has reached millions of views.
As of November 24, 2025, Bitcoin is trading around $87,000, up 8% in the past 48 hours following a recent dip.
MicroStrategy’s stock, which has outperformed Bitcoin by about 300% year-to-date, experienced a 5% decline after the JP Morgan note but has since shown recovery. The company’s treasury includes $7.7 billion in Bitcoin-backed securities.
The boycott underscores tensions between traditional finance and cryptocurrency sectors. It has sparked discussions on shifting to crypto-friendly alternatives like Fidelity or Coinbase, amid Bitcoin ETF inflows surpassing $50 billion this year. JP Morgan manages over $4 trillion in assets and has not publicly responded to the boycott as of this report.
Regulatory authorities have not issued statements on the allegations, though calls for investigations into banking practices toward crypto entities continue to grow.
This report is compiled from public sources, social media activity, and documentation available as of November 24, 2025. Developments will be monitored for updates.
