JPMorgan Boycott Explodes After MSCI Strategy Warning and Renewed Epstein Outrage — GameStop 2.0?

JPMorgan, Strategy, MSCI, Jeffrey Epstein, and even GameStop are suddenly converging into a single flashpoint as the Bitcoin community escalates its backlash against the banking giant. 

What began as outrage over proposed MSCI index changes has exploded into a broader moral, financial, and political storm — with some investors openly speculating whether this could trigger a GameStop-style short-squeeze revolt against Wall Street.

Boycott Calls Erupt After JPMorgan Flags MSCI Exclusion Risk

Tensions ignited after news that MSCI — formerly Morgan Stanley Capital International — is likely to exclude crypto treasury companies from its indexes in January 2026. JPMorgan circulated the update in a client research note, warning that firms with more than 50% of their balance sheet in crypto could lose index eligibility.

The company most directly in the spotlight is Strategy, the Bitcoin-backed structured finance company founded by Michael Saylor. 

Strategy joined the Nasdaq 100 in December 2024, attracting massive passive inflows from funds tracking the index. Any forced removal would trigger immediate selling by passive index products, a dynamic JPMorgan analysts themselves highlighted.

The Bitcoin community reacted swiftly — and furiously.

“I just pulled $20 million from Chase and suing them for credit card malfeasance,” investor and Bitcoin advocate Grant Cardone posted after the boycott call circulated.

Max Keiser urged followers to escalate the pressure: “Crash JP Morgan and buy Strategy and BTC.”

What could have been just another piece of index-provider housekeeping has now turned into a symbolic battle between decentralized-finance supporters and the largest bank in the United States.

Also read: Bitcoin Undervalued as JPMorgan and Citi Eye New Record Highs Above $150K

Epstein Fallout Fuels the Anger

Adding fuel to the fire is renewed scrutiny of JPMorgan’s historic ties to Jeffrey Epstein. 

In late 2025, newly unsealed Senate Finance Committee documents revealed the bank flagged over $1 billion in Epstein-linked transactions as potentially tied to human trafficking, while continuing the relationship long after red flags had emerged.

Bitcoin advocates argue that the same financial institution implicated in one of the largest compliance scandals in modern history is now positioning itself against Bitcoin treasury companies — a contrast that has supercharged the moral outrage behind the boycott campaign.

For many, the backlash is about far more than index rebalancing. It’s about trust, integrity, and whether legacy finance deserves its central role in global capital allocation.

Saylor Breaks Silence: “We Are Not a Fund — We Operate”

Strategy founder Michael Saylor responded firmly to MSCI’s proposed rule change, arguing his company should not be classified alongside funds or trusts simply because it holds a large Bitcoin reserve.

“Strategy is not a fund, not a trust, and not a holding company. Funds and trusts passively hold assets. Holding companies sit on investments. We create, structure, issue, and operate,” Saylor said. He described Strategy as a “Bitcoin-backed structured finance company.”

The company’s model — which includes issuing securitized Bitcoin products and generating operating revenue — differs materially from passive holding entities. But under MSCI’s proposed rule, nuance may not matter. The 50% balance-sheet threshold is binary: cross it, and you’re out.

Analysts warn that a sudden wave of forced selling could destabilize not only Strategy’s stock, but parts of the crypto market itself.

Also read: Strategy’s mNAV Drops Below 1 but Analysts Say the Real Rally Is Coming

Is a GameStop-Style Squeeze Brewing?

Some commentators believe the backlash may not stop at boycott hashtags. Legal analyst and crypto advocate John Deaton warned that if retail traders become convinced JPMorgan or other Wall Street institutions are shorting either Strategy or Bitcoin-heavy equities, the reaction could mirror the 2021 GameStop (GME) uprising.

“If @jpmorgan… is short @saylor and $MSTR — I hope a GameStop rage trade occurs and costs JPM billions,” Deaton’s post read.

The mechanics for such a squeeze would depend on:
• concentrated short interest,
• a highly mobilised retail base,
• and rapid-fire social amplification.

Bitcoin’s online community has the second and third conditions in abundance. Whether the first exists remains unclear — but that has not stopped the narrative from taking hold.

If retail investors believe a Wall Street giant is attacking a Bitcoin-centric company, coordinated buying could snowball just as it did during the GME frenzy. Analysts caution that this dynamic can cut both ways: it can spark explosive upside, but also heightened volatility and potential regulatory attention.

Also read: “JPMorgan Wants to Be the Gatekeeper of the U.S. Economy” — Fintech Coalition Warns

A Financial Flashpoint With Moral Undercurrents

The JPMorgan-Strategy-MSCI conflict now spans three volatile arenas:

• ethics (Epstein),
• finance (index eligibility),
• and activism-driven trading (GameStop-style mobilization).

For JPMorgan, the reputational risk is substantial. For Strategy, the index-exclusion risk is existential. For Bitcoin holders, the moment represents another chapter in the perceived struggle between decentralised finance and legacy banking power.

Whether this culminates in a short squeeze, a sustained boycott, or policy reversal remains uncertain. But one thing is clear: the friction between Wall Street and the Bitcoin community has rarely been more combustible.