# JPMorgan Explains Bitcoin's Long-Term Risk The rise of private blockchains could be the biggest threat to Bitcoin. - **Source:** [INCRYPTED](https://brifing.si/source/7cd4625d-3f08-4cc1-983d-4c7d991839ba) - **Published:** 2026-07-10 - **Topic:** [Finance](https://brifing.si/c/finance) - **Original article:** - **On Brifing:** https://brifing.si/s/3d5c81b7-ac0e-43d9-a0ec-d534029ee81f ## The Real Threat to Bitcoin According to JPMorgan, Bitcoin's biggest long-term risk is not ETF sales but the development of private blockchain infrastructure. The bank notes that tokenization and payment systems are increasingly shifting to private networks. This could diminish the importance of public crypto networks. ## Financial Institutions' Preference Banks and financial institutions prefer private blockchains due to reasons like KYC and AML compliance. JPMorgan analysts highlight that this trend poses a serious competitive threat to public networks like Ethereum. Private networks stand out by offering regulatory certainty. ## Tokenized Asset Market The current $50 billion tokenized asset market is expected to grow on private infrastructure in the future. Asset issuance, custody, and management operations are anticipated to occur on financial institutions' own networks. Public blockchains may only be used for distribution. ## Impact on Stablecoins JPMorgan suggests that the widespread adoption of tokenized deposits could reduce the need for stablecoins in institutional payments. This may negatively affect major stablecoin projects like Tether and USDC. Banks developing their own digital asset solutions could be a turning point. ## Potential for Hybrid Models Analysts acknowledge that hybrid models, where private and public blockchains coexist, could emerge. Factors like Bitcoin maintaining its 'digital gold' status or increased stablecoin usage could alter predictions. Projects like Swift and DTCC are leading in this space. ## Importance for the Crypto Ecosystem JPMorgan's analysis provides critical insights for the future of the crypto ecosystem. How public blockchains' role in financial infrastructure evolves will impact the entire industry. Long-term strategies for investors and projects will be shaped by these developments. ## Sources covering this story - https://incrypted.com/jpmorgan-nazval-glavnyj-dolgosrochnyj-risk-dlya-bitkoina/ — --- _Summary written by Brifing from the original reporting. Copyright in the original article belongs to its publisher; read the full piece at the link above._