JPMorgan analysts have identified what they believe to be the biggest risk for Bitcoin in 2026. According to their analysis, the threat is not from Strategy's recent sales of BTC ▲$62,630.00, but rather from the increasing trend of tokenization, payments, and settlements moving to private blockchains that don't require public crypto networks.
This shift could lead to a 'structural de-rating' for the broader crypto ecosystem, resulting in slower activity, declining liquidity, and weaker capital flows, ultimately hitting Bitcoin's price. JPMorgan notes that financial institutions prefer private networks due to their ability to meet key requirements such as KYC, AML, confidentiality, scalability, governance, and regulatory certainty.
The Bank for International Settlements (BIS) has also warned of risks from using public blockchains in systemically important financial infrastructure, promoting 'unified ledgers', closed platforms combining tokenized deposits, CBDCs, and tokenized assets in a regulated environment. Banks are actively building their own solutions, including tokenized deposits and SWIFT's blockchain initiative.