JPMorgan’s proposed Bitcoin-backed notes have ignited controversy within the Bitcoin community and raised concerns over potential market manipulation. The product, linked to the price of Bitcoin with leveraged investments, will offer holders 1.5 times the gains or losses by December 2028. Critics argue that JPMorgan’s actions could harm companies like Strategy, the largest holder of Bitcoin, as it aims to compete directly with treasury firms using Bitcoin for their assets. Simon Dixon, a prominent Bitcoin advocate, suggests that these notes could trigger margin calls on Bitcoin-backed loans, potentially leading to sell pressure from companies like Strategy during market downturns. The backlash against JPMorgan intensified following MSCI’s proposed policy shift. This company, which manages stock indexes, proposed excluding companies with 50% or more of their assets in cryptocurrencies from its products. Excluding these companies could deprive them of passive capital flows and force them to sell Bitcoin, potentially leading to further market downturns.