JPMorgan projects Bitcoin could reach $385,000 in 10-year bull case amid CEO Jamie Dimon's criticism

JPMorgan Asset Management's 2027 Long-Term Capital Markets Outlook models three 10-year Bitcoin scenarios: a base case targeting $215,300 with 10% annual returns, a bull case targeting $385,500 with 16.6% annual returns, and a bear case targeting $25,300 with 11.2% annual losses. The report identifies monetary expansion and competition with gold as primary drivers of Bitcoin's valuation, assigning 65% weighting to supply growth relative to fiat currency and 30% to gold competition.