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BTC Private blockchain: New challenges facing Bitcoin
The latest analysis from JPMorgan points out that the real long-term challenge for Bitcoin does not come from the company\'s selling behavior, but from the trend of traditional financial institutions increasingly turning to private blockchain systems. The evolution of this financial strategy threatens to marginalize public blockchain networks and their native cryptocurrencies-despite the recent heated discussion surrounding companies selling bitcoin.
Why is Private Cloud worth more attention?
JPMorgan analyst Nicholas Panigirzoglu emphasized in a July report that although a sell-off from companies like Strategy brings certain market risks, these risks are relatively controllable. A more pressing concern for Bitcoin\'s viability is that large financial entities are rapidly moving towards a closed, permission-requiring blockchain ecosystem, which could weaken the role of public networks and reduce the practicality of cryptocurrencies.
Panigirzoglu\'s analysis shows that traditional financial industries can effectively use blockchain technology to develop private systems, thereby bypassing the open access model on which current public cryptocurrency infrastructure relies. This trend may make cryptocurrencies less important over time.
JPMorgan analysts concluded that the greater threat to Bitcoin is not from institutional sell-offs, but the possibility that the mainstream financial industry may apply blockchain technology in a way that completely bypasses public networks.
Kinexys: A typical case
JPMorgan\'s own Kinexys platform is an example of this shift. This is a permission-requiring blockchain used for inter-agency transactions. As an institution with huge influence on the global payment and settlement system, JPMorgan\'s shift to a closed blockchain model reflects broader financial industry trends.
While leveraging the advantages of blockchain technology, Kinexys does not involve public cryptographic assets, and its transaction processing volume has exceeded US$4 trillion. The move suggests that the financial industry may find it more advantageous to develop private, controlled blockchain networks than to rely on public systems.
Market and Regulatory Trends
The US$50 billion asset tokenization market is still in the experimental stage. Corporate capital still holds a wait-and-see attitude towards the development of this market. Regulatory developments in the United States such as the CLARITY Act may not directly benefit Bitcoin. Clarification of regulation may instead lead to a surge in tokenized deposits, posing a challenge to stablecoins based on public blockchains. The impact of future regulation on Bitcoin is uncertain, and analysts remain skeptical, believing that the upcoming law is unlikely to address core structural issues. Although a certain degree of regulatory clarity may boost tokenized banking products, as the market landscape changes, it may also put pressure on public blockchain entities, including Bitcoin.
