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Looking at the future trend of Bitcoin from JPMorgan Chase's third-quarter earnings report

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JPMorgan is not a Bitcoin indicator. However, the U.S. banking giant’s third-quarter earnings report was filled with anecdotes that could somehow shape the future of cryptocurrencies.

JPMorgan's earnings showed profits rose about 4% from a year earlier. The results, reported by The Wall Street Journal, were a "surprise," saying the bank returned to pre-pandemic levels and also confounded Wall Street's previous forecast results. JPMorgan is somewhat of a proxy for the health of the U.S. economy, which remains in recession due to the coronavirus.

But it's not the consumer business that boosts JPMorgan's bottom line, the bank earns nice earnings from its corporate and investment arm. Its earnings soared about 25 percent as some companies scrambled for cash, refinanced debt and sold stocks to offset the recession.

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Most recently, Adam Back's Blockstream and Jack Dorsey's Block said they are building a pilot crypto mine in Texas that will be powered by Tesla solar installations and batteries. (CoinDesk)[2022/6/23 1:27:18]

JPMorgan lowered the amount it sets aside to cover bad loans, from $10.47 billion in the second quarter to $611 million in the third. The bank believes it can handle a wave of troubled loans in the event of a default, according to the report. At the same time, this is also an important signal of a sharp economic recovery.

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In good news for Bitcoin, JPMorgan is telling the world that the worst is over for the U.S. economy. That means riskier assets will continue to rise as investors seek higher yields from cash and bond markets. So far in 2020, Bitcoin is likely to fare better with this fundamental.

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JPMorgan Chase CEO Jamie Dimon pointed to the U.S. government as the most important catalyst behind the U.S. economic recovery. In March, following coronavirus-induced lockdowns, Congress passed a $2 trillion stimulus package to benefit American households and businesses and sectors hit hard by the pandemic.

While most of the money is now spent, policymakers are discussing a second stimulus package. Mr Dimon argued that a well-designed stimulus package would only increase the chances of a "better outcome". He added that there was "substantial uncertainty" about the deal and they could not predict a "definitive" outcome.

Bitcoin’s bullish bias has also stalled as the second round of stimulus deals is delayed.

As the media reported earlier, the cryptocurrency surged more than 200 percent on fears of rising fiscal deficits and a weakening dollar on relief. That prompted companies like Square and MicroStrategy, as well as billionaire hedge fund manager Paul Tudor Jones, to dump some of their cash reserves to buy bitcoin.

JPMorgan's stance on easing suggests that deep down it wants a stimulus measure to protect it from loan defaults, it's just a matter of when.

But Mr Dimon did leave a caveat, claiming that JPMorgan had close to $34 billion to protect itself from loan losses. But if the recovery stalls (under the impact of a delayed stimulus package or a resurgence of coronavirus infections), the bank will need another $20 billion in cash reserves.

And that could pause or reverse the ongoing bitcoin rally as investors try to dump their crypto holdings for cash when stocks come under selling pressure, as they did in March 2020.

At the time of writing, BTC/USD is trading at 11403, still up 58.48% year-to-date.

The original text comes from bitcoinist, compiled by the Bluemountain Labs team, the English copyright belongs to the original author, please contact the compiler for Chinese reprint.

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