#What is the reason for the call to boycott JPMorgan?
Grant Cardone and Bitcoin advocates are urging a stand against JPMorgan following the bank's warning about potential financial impacts from the removal of their Strategy from MSCI indices. Analysts indicated that if JPMorgan's projections are accurate, the financial repercussions could result in significant outflows, potentially reaching up to $8.8 billion if other index providers follow suit. This warning has further intensified scrutiny of JPMorgan, especially from the cryptocurrency community disgruntled by the bank's alleged practices.
#How is the stock of Strategy being impacted?
In response to JPMorgan's estimates, shares of Strategy (MSTR) witnessed a sharp decline, dropping below $200 recently and hitting a low of around $170 at the end of the trading week. This downturn stands in stark contrast to the stock's previous peak of over $450 in mid-July. The year-to-date performance of MSTR shows it has faced a significant downturn, registering a 41% decline, and an alarming 57% drop compared to its price a year ago.
#What are the community's concerns regarding JPMorgan?
Advocates within the cryptocurrency community argue that JPMorgan has intentionally targeted MSTR shareholders, with accusations stemming from notable figures including Grant Cardone and early Bitcoin supporter Max Keiser. Reports suggest that a surge of users is rapidly closing their accounts with JPMorgan, escalating the calls for a collaborative boycott. Additionally, concerns have arisen regarding JPMorgan's alleged shorting of MSTR, further fueling criticisms against the bank.
#Is there a potential for a community-led stock rally?
As the discontent with JPMorgan grows, there are parallels being drawn to the GameStop stock phenomenon. Some experts believe that if retail investors come to perceive JPMorgan as positioning itself against MSTR, there may be a coordinated effort to rally around the stock, reminiscent of previous movements. This sentiment has been echoed by various members active within the crypto sector, fuelling speculation about a collective action that could cost JPMorgan significantly in financial terms if executed successfully.