JPMorgan Asset Management expects Bitcoin to generate a 10% annualized return over the next 10 to 15 years, above its forecasts for U.S. large-cap stocks at 7.5%, U.S. bonds at 5.6% and gold at 5.5%. The 2027 Long-Term Capital Market Assumptions are the first edition of the bank's 31-year-old planning report to include Bitcoin. The firm estimates Bitcoin's volatility at 55%, compared with 18% for large U.S. stocks and 17.2% for gold. Its 20.9% arithmetic average return estimate falls to 10% after accounting for the compounding damage from large drawdowns. JPMorgan therefore does not include Bitcoin as a portfolio allocation or in its main models, citing unstable relationships with stocks and bonds. The report also disputes the argument that dollar weakness will necessarily drive substantial investment into digital assets. Bitcoin traded at $82,423 at the time of writing, after reaching a record above $125,000 in October 2025. Corporate buyers funded by perpetual preferred shares had accumulated 135,979 Bitcoin by Oct. 5, while spot Bitcoin ETFs gathered 888,185 Bitcoin in their first year after launching in January 2024.