6.7 Banking 摩根大通称，许可型区块链的兴起将削弱比特币和以太坊等公有链的需求、流动性和资本流动。
摩根大通分析师在多份报告中指出，比特币面临的核心结构性风险，并非来自大型持有者如Strategy的抛售或变现策略。真正的威胁在于银行和金融机构日益采用许可型、私有区块链。 分析师认为，随着代币化、支付和结算活动逐步转向受监管、许可型网络，这些网络因隐私、合规、治理和监管清晰度而受到青睐，公有区块链及其原生代币（如比特币和以太坊）的作用和需求可能会被削弱。 此外，代币化存款、SWIFT区块链项目以及央行数字货币等举措，可能进一步减少公有区块链的使用，甚至在企业交易中取代稳定币，从而影响比特币的市场地位和加密生态系统的整体活跃度。
JPMorgan Warns Institutional Blockchains Pose Greater Risk to Bitcoin Than Corporate Sell-Offs
JPMorgan warns private blockchains pose greater risk to Bitcoin than Strategy’s massive holdings
JPMorgan Says the Real Threat to Bitcoin Isn’t Strategy (MSTR) — It’s Private Blockchains
Private Blockchains: The Emerging Challenge for Bitcoin
JPMorgan warned the biggest long-term risk for Bitcoin is the shift by financial institutions to private blockchains
JPMorgan: “The Real Threat to Bitcoin Isn’t the Sales Made by Strategy”
JPMorgan sends stark warning on the real threat to Bitcoin
JPMorgan warns of structural risk to Bitcoin with the rise of private blockchains
JPMorgan says Bitcoin’s real threat isn’t Strategy’s massive holdings, it’s blockchain adoption that skips public chains entirely
JPMorgan Analysts Say Banks’ Shift to Permissioned Ledgers Poses Bigger Risk Than Strategy’s Bitcoin Sales
JPMorgan says bitcoin’s main risk isn’t Strategy, but blockchain adoption that doesn’t benefit public chains and tokens
