While Strategy’s bitcoin liquidations have created concern among certain market participants, JPMorgan’s research team believes Bitcoin supporters should focus their attention elsewhere. According to a client briefing authored by managing director Nikolaos Panigirtzoglou and his team, the genuine danger emerges from established financial institutions constructing blockchain infrastructure that operates independently of open networks such as Bitcoin and Ethereum. Should tokenization initiatives, payment systems, and settlement operations transition to closed, permission-based platforms, public blockchain networks may ... (full story)