Members of the Bitcoin community and supporters of Strategy are criticizing JPMorgan’s Bitcoin-backed notes, accusing the bank of spreading fear and doubt. The notes give holders 1.5 times the gains or losses of Bitcoin through December 2028. JPMorgan’s move is seen as a direct competition to BTC treasury companies.

The backlash against JPMorgan started when MSCI proposed excluding treasury companies with over 50% of assets in crypto from its indexes, effective January. This policy shift could lead to companies selling off crypto holdings to qualify for index inclusion, potentially driving asset prices down. The move drew sharp criticism from the BTC community and Strategy investors.

Read more at Cointelegraph: Strategy Supporters Say JPMorgan’s BTC Product Biases It against DATs