JPMorgan Projects Bitcoin Returns Through 2036 in Long-Term Forecast

JPMorgan Asset Management's 2027 Long-Term Capital Market Assumptions projects Bitcoin annual returns through 2036, with a base case of 10% and a bull case of 16.6%. At a $83,000 starting price, the base case implies a Bitcoin price of approximately $215,000 by 2036, while the bull case reaches $386,000. The bank maintains a bear case of -11.2% annually, projecting a price around $25,000. JPMorgan excludes Bitcoin from core risk models due to its high volatility and unstable correlations with other assets.