Bitcoin evangelists, however, told Business Insider that JPMorgan's case rests on the assumption that printing money to shore up an economy is a good thing.

"This is a classic case of creating the problem you offer to solve, and exactly why bitcoin exists," said Aaron Lasher, the chief marketing officer at Breadwallet, a cryptocurrency tech company.

"Why do we have the need for "emergency liquidity" in the first place?"

Lasher says it all boils down to the fact that economies are based on fiat currency, which can be printed at the whim of central bankers.

"So banks have no incentives to manage liquidity risk precisely because the marginal cost of printing more dollars by the central banks is zero, providing a guaranteed backstop against sustaining losses incurred by excess risk taking," he said.

Arthur Hayes, the chief executive at BitMEX, a peer-to-peer crypto trading platform, said in an email to Business Insider that such policies ultimately translate into inflation in other financial assets.

"If money printing solved the ills of economic collapse, Weimer Germany, Zimbabwe, and most recently Venezuela would be the most productive and economically sound societies on earth," Hayes said.

"Money printing delays the inevitable," he added. "Without the ability to print base money at all, any institutional that extended credit would be evaluated by the market on its ability to responsibly originate loans."