• The Bitcoin community calls for a JP Morgan boycott over MSCI’s crypto exclusion proposal.
• Strategy faces MSCI’s rule change, risking loss of passive capital flows from indexes.
• Michael Saylor defends the strategy as a Bitcoin-backed finance firm amid the MSCI controversy.

The Bitcoin community erupted in anger over JP Morgan’s role in supporting a potential policy change by MSCI, which could exclude crypto treasury companies from major market indexes. The proposed change would impact firms like Strategy, which rely on index inclusion for passive capital flows. Bitcoin advocates and supporters of the strategy are calling for a boycott of JP Morgan as tensions rise.

The MSCI, which was previously Morgan Stanley Capital International, is a set of rules for companies to be included in its indexes. The rule change proposal would disqualify any treasury company with more than 50% of its balance sheet in crypto. The proposed policy change that is to be implemented in 2026 has already caused an enormous outrage in the crypto community.

Bitcoin Community Calls for JP Morgan Boycott Over MSCI Proposal

JP Morgan shared the news of the MSCI change in a research note. The news spread rapidly and there were calls to boycott the financial giant. JP Morgan has been publicly criticized by Bitcoin enthusiasts, such as real estate investor Grant Cardone. Cardone said he had withdrawn $20 million from Chase, the bank owned by JP Morgan.

I just pulled $20M from chase and suing them for credit card malfeasance

— Grant Cardone (@GrantCardone) November 23, 2025

Cardone is not alone. Bitcoin promoter Max Keiser also added to “crash JP Morgan” and invest in Strategy and Bitcoin. The movement of online boycotts had been growing progressively as more voices joined to protest. The Bitcoin community considers this to be another attempt to attack their financial system.

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The removal of crypto treasury firms in the indexes of MSCI would be devastating. These firms would have two options; decrease their crypto assets in order to comply with the requirements of MSCI or forfeit passively managed capital flows by index funds. The latter might result in a sell-off of shares that would harm crypto markets and asset prices.

The enemy has a name: it’s the Banking system.

Take a look at the chart of JPM since the great financial crisis. It’s been STRAIGHT UP for the last 15 years.

JP Morgan has been consolidating its power as the head of the Banking Crime syndicate through both Obama terms, Trump… pic.twitter.com/YisF732oa5

— Fred Krueger (@dotkrueger) November 22, 2025

Michael Saylor Defends Strategy’s Role as Bitcoin-Backed Finance Firm

Strategy secured a place in the Nasdaq 100 in December 2024, which was a milestone. The firm played a beneficiary of passive capital flows in the tech-heavy index. The suggested MSCI policy change may, however, reverse this benefit, and companies such as Strategy have few options.

Strategy founder Michael Saylor reacted fiercely to the proposal. He clarified that his company is not a fund or a trust but a structured finance company backed by Bitcoin. Saylor stated that Strategy aggressively invests in and manages financial products, unlike conventional vehicles of investment.

Response to MSCI Index Matter

Strategy is not a fund, not a trust, and not a holding company. We’re a publicly traded operating company with a $500 million software business and a unique treasury strategy that uses Bitcoin as productive capital.

This year alone, we’ve completed…

— Michael Saylor (@saylor) November 21, 2025

JP Morgan is becoming the target of the increasing criticism of the crypto community as the debate progresses. The result of this contradiction may have a significant impact on the established financial industry and the new digital one.

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