JPMorgan projects 10% annual return for Bitcoin over 10-15 years, tops stocks and gold

J.P. Morgan Asset Management projected a 10% compound annual return for Bitcoin over 10 to 15 years in its 2027 Long-Term Capital Market Assumptions, released October 20, 2026. The forecast surpasses the firm's projections for U.S. large-cap stocks at 7.5% and gold at 5.5%, but comes with 55% annualized volatility, higher than gold's 17%. JPMorgan excluded Bitcoin from its main portfolio models due to volatility and unstable correlations, instead building a separate smaller matrix. The bank also dismissed the "currency debasement" bull case as "wide of the mark."