Bitcoin Community Boycotts JP Morgan Over MSCI Exclusion

The controversy centers on MSCI, formerly Morgan Stanley Capital International, which sets criteria for index inclusion across global financial markets. According to research shared by JP Morgan, MSCI is likely to exclude crypto treasury companies from its indexes starting in January 2026. This decision would affect companies like Strategy that hold Bitcoin as part of their treasury assets, creating significant barriers to institutional adoption and mainstream financial recognition.

The timing of this exclusion comes as Bitcoin and crypto treasury strategies have been gaining traction among publicly traded companies seeking alternative store-of-value assets. By removing these companies from major market indexes, MSCI effectively marginalizes businesses that have embraced Bitcoin as a legitimate treasury asset, potentially limiting their access to institutional capital and reducing their visibility among mainstream investors.

JP Morgan found itself at the center of the storm after sharing the MSCI news in a research note to clients. The Bitcoin community quickly identified the financial services giant as the messenger of what many perceive as an anti-crypto institutional move. This isn’t the first time JP Morgan has faced criticism from the cryptocurrency sector, but the current backlash represents one of the most organized and vocal responses to date.

The research note from JP Morgan highlighted MSCI’s planned exclusion criteria, which would specifically target companies with significant crypto treasury holdings. This revelation came as particularly galling to Bitcoin advocates who have watched traditional financial institutions gradually warm to cryptocurrency while simultaneously supporting policies that limit its institutional acceptance. The situation underscores the ongoing tension between traditional finance and the emerging crypto ecosystem.

The response from the Bitcoin community has been swift and substantial, with prominent figures leading the charge against JP Morgan. Real estate investor and Bitcoin advocate Grant Cardone made headlines by announcing concrete financial consequences for the banking giant. “I just pulled $20 million from Chase and suing them for credit card malfeasance,” Cardone stated in response to calls for a boycott.

Cardone’s actions represent more than symbolic protest—they demonstrate the real financial impact that organized Bitcoin community action can generate. His simultaneous legal action over credit card issues adds another layer of pressure on JP Morgan, combining immediate financial withdrawal with potential legal complications. This high-profile response has galvanized other Bitcoin supporters to consider similar actions, with social media platforms buzzing with calls for broader consumer and investor boycotts.

The growing movement against JP Morgan reflects deeper frustrations within the Bitcoin community about traditional financial institutions’ approach to cryptocurrency. Many advocates see the MSCI exclusion as part of a pattern where established financial players acknowledge cryptocurrency’s growing importance while simultaneously creating structural barriers to its widespread adoption. The boycott calls represent a strategic effort to demonstrate that the Bitcoin community can exert meaningful economic pressure when its interests are threatened.

The MSCI exclusion decision and subsequent backlash highlight the ongoing struggle for legitimacy that crypto-focused companies face within traditional financial structures. Companies like Strategy, which have built their treasury strategies around Bitcoin holdings, now face the prospect of being excluded from major market indexes that serve as benchmarks for institutional investors worldwide.

This development comes at a critical juncture for cryptocurrency institutional adoption. As more companies consider adding Bitcoin to their balance sheets, the MSCI decision creates uncertainty about how such moves might affect their standing in traditional financial markets. The exclusion could discourage other companies from following Strategy’s lead in adopting Bitcoin treasury strategies, potentially slowing the pace of corporate cryptocurrency adoption.

The situation also raises questions about the criteria used by major index providers and their relationship with traditional financial institutions like JP Morgan. As the line between messenger and participant blurs in controversies like this one, the Bitcoin community’s response suggests growing impatience with what many perceive as institutional resistance to cryptocurrency’s legitimate place in global finance.