Barcelona's Crypto Partnership and JPMorgan's Bitcoin Notes Spark Controversy in Digital Asset Space

Barcelona Faces Backlash Over ZKP Partnership

FC Barcelona is facing mounting criticism following its announcement of a partnership with cryptocurrency firm ZKP, after controversial influencer Andrew Tate posted a video promoting the company ^[1]. The partnership has prompted calls for transparency from club members and raised questions about the organization's due diligence processes.

Joan Vilajoana, a Barcelona socio, demanded that the club "clarify if ZKP has any direct or indirect connection with Andrew Tate," noting that the influencer "has faced charges for human trafficking, rape, and belonging to a criminal organization" ^[1]. Vilajoana urged Barcelona to "act with immediate transparency" and explain what vetting procedures were conducted before signing the agreement ^[1].

Adding to concerns, ZKP's website provides minimal information about its leadership team. The company's website states: "Everyone asks, 'Who's behind this?' As if knowing the names would make the code stronger. It won't. We're real — engineers, cryptographers, ex-founders, system killers. But we're not playing the PR game" ^[1].

Financial Pressures Drive Controversial Deals

The ZKP partnership comes as Barcelona grapples with severe financial difficulties stemming from excessive spending on player transfers and wages over the past decade ^[1]. The club's financial situation deteriorated further during the COVID-19 pandemic, which eliminated crucial matchday revenues ^[1].

Barcelona's latest accounts show net debt of €469 million ^[1]. The club also faces significant obligations related to the Espai Barça stadium renovation project, with financial records revealing more than €900 million in stadium-related borrowing ^[1].

Despite previous setbacks in the Web3 space, Barcelona has continued pursuing digital initiatives. The club sold its first NFT for $693,000 at Sotheby's in July 2022 and launched the FC Barcelona Token through Chilliz and Socios in June 2020, which sold out for $1.3 million in under two hours ^[1]. However, the fan token's price has plummeted more than 73% over the past year, according to CoinMarketCap data ^[1].

JPMorgan Draws Fire Over Bitcoin-Linked Notes

Meanwhile, JPMorgan is facing criticism from the Bitcoin community over its application to launch Bitcoin-backed structured notes. Critics argue the product places the banking giant in direct competition with Bitcoin treasury companies and could negatively impact firms like MicroStrategy, the largest corporate BTC holder globally ^[2].

Bitcoin advocate Simon Dixon warned that JPMorgan's notes could "trigger margin calls on Bitcoin-backed loans, force selling pressure from Bitcoin treasury companies in down markets, and create manufactured buying pressure in up markets so the FIC can position themselves long before the public even realises the game has begun" ^[2].

The controversy intensified after JPMorgan analysts warned in a research note that MSCI may drop MicroStrategy's MSTR from its indexes, with a decision expected by January 15 ^[2]. Some Bitcoin advocates believe JPMorgan's actions are part of a coordinated effort to undermine Bitcoin treasury companies and redirect investors toward the bank's own products ^[2].

Crypto commentator Ran Neuner suggested that JPMorgan, MSCI, and key political players "moved in sync" to pressure MSTR as part of a broader effort to target "Trump's entire crypto ecosystem" ^[2]. The allegations have prompted calls among Bitcoin supporters for a boycott of the financial institution ^[2].

Both controversies highlight the growing tensions between traditional institutions and the cryptocurrency sector, as well as ongoing concerns about transparency and conflicts of interest in the rapidly evolving digital asset landscape.