JPMorgan Faces Heavy Backlash from Grant Cardone, Jack Mallers, Max Keiser, Other Bitcoin Advocates

Financial giant JPMorgan is in the crosshairs as the bank faces backlash and account closures following attacks on Bitcoin, including treasury firm Strategy, and links to the Epstein scandal. Bitcoin advocates, including Grant Cardone, Jack Mallers, Max Keiser, and others, have declared war against the bank. 

Strategy and Bitcoin Advocates Call for Boycott of JPMorgan

JPMorgan Chase’s ties with convicted sex offender Jeffrey Epstein sparked legal and congressional scrutiny, financial settlements, and internal investigations.

Now, the bank faces backlash from supporters of Bitcoin and Michael Saylor’s Strategy. It comes as JPMorgan sided with entities calling for MSTR delisting from MSCI USA and Nasdaq 100 amid over 50% Bitcoin holdings of Strategy.

Bitcoin advocates have called for a boycott of JPMorgan due to its continuous attacks on Bitcoin by the bank and CEO Jamie Dimon, sparking crypto debanking risks. Notably, the latest warning has driven significant institutional outflows from Bitcoin and Ethereum ETFs.

Max Keiser shared that JPMorgan appears to have opened short positions on MSTR. If MSTR stock recovers, the bank would face heavy losses. Notably, the filings with the US SEC disclosed that the bank reduced its shareholdings by almost 25% last quarter.   

Banking Giant Faces Account Closures

Huge numbers of users, which include hedge funds and industrialists, are reportedly closing their bank accounts as part of the JPMorgan boycott. Many have expressed support for Strategy amid delisting risks, with Michael Saylor committing to buying Bitcoin despite the potential delisting jitters.

Equity fund manager and real estate investor Grant Cardone closed his JPMorgan account and shifted entire account to Wells Fargo. Also, he warned followers to avoid Chase credit cards due to fraud concerns.

Strike and Twenty One Capital CEO Jack Mallers revealed that the bank closed his account without warning. He’s now banned from opening any future accounts despite his family’s long client history with the bank. Mallers showed a framed letter by JPMorgan citing ‘compliance concerns’ and flagged ‘unusual account activity.’

At the time of writing, Bitcoin price has rebounded to $87,648 amid buy-the-dip sentiment and challenging MSTR short positions. The 24-hour low and high are $85,404 and $88,038, respectively. Trading volume has jumped by almost 50% over the past 24 hours, indicating massive interest among traders.