JPMorgan has come under fire after allegations emerged that the bank orchestrated a targeted attack on MicroStrategy (MSTR) by taking a significant short position, which could lead to repercussions if MSTR’s stock rebounds.

The critiques gained traction on social media platforms, where many asserted that this move could be likened to another GameStop scenario. Despite lacking substantial proof, concerned individuals began calling for a boycott of JPMorgan.

The Accusations and Community Outcry

The uproar followed a report suggesting that MicroStrategy might be removed from key stock indexes like MSCI, with JPMorgan analysts warning that this could incite substantial automated selling well into the billions.

Yet, the crypto community dismissed this claim as a “deliberate attack.” Influencer Adrian remarked that the bank owed its insights to an outdated MSCI report, stating:

“They recycled an expired story to accelerate a sell-off. This isn’t news. It’s a coordinated hit.”

Broadcaster Max Keiser went even further, implying that JPMorgan’s massive short position could result in bankruptcy for the bank if MSTR’s price were to soar by 50%.

In response to this, pro-crypto lawyer John E. Deaton referred to past controversies surrounding JPMorgan, saying:

“If JPMorgan… is short Saylor and $MSTR – I hope a GameStop rage trade occurs and costs JPM billions.”

With the call to action resonating, author Adam Livingston advocated for a “BOYCOTT JPMORGAN,” inciting many to shift their banking to rival financial institutions, including businessman Grant Cardone, who claimed he had already made the switch.

A Financial Showdown

The tensions between JPMorgan and MicroStrategy symbolize a broader conflict between traditional finance and the cryptocurrency sphere. Under the leadership of Michael Saylor, MicroStrategy has been a trailblazer in adopting Bitcoin as a corporate treasury strategy, currently holding more than 649,000 BTC.

In a statement made on November 21, Saylor refuted the claims made by JPMorgan, emphasizing that MicroStrategy is an innovator in the business realm, rather than a passive investment fund. He also mentioned that any potential index exclusion had likely already been integrated into the stock price.

The crypto community’s uproar reflects a sentiment that JPMorgan’s strategies are an attack on a flagship Bitcoin firm, even as the banking giant expands its own cryptocurrency services. As recently reported, JPMorgan now intends to accept Bitcoin and Ethereum as collateral for loans, suggesting a conflicting agenda against its competitors.

This divergence underscores what many see as a fundamental clash over the future of finance itself.