JPMorgan Chase’s asset management division released its 2027 Long-Term Capital Market Assumptions report. The document suggests that bitcoin may outperform major asset classes, including stocks, bonds, and gold, over the next decade.
Despite the growth forecast, the bank does not recommend bitcoin for strategic investment portfolios. Analysts cited high volatility and unstable correlations with other assets as primary reasons for this stance.
The report characterizes bitcoin as a speculative asset and a hedge against monetary easing. It currently tracks global money supply growth and functions as a high beta risk asset.
JPMorgan notes that the asset's role could evolve if volatility declines and market correlations stabilize. Clearer regulation, improved liquidity, and more efficient price discovery are identified as key factors for future adoption.
CEO Jamie Dimon maintains a skeptical view of bitcoin, despite the bank utilizing blockchain technology for its own products. The bank acknowledges that bitcoin has gained popularity on Wall Street following the 2024 approval of exchange-traded funds.
