JPMorgan Asset Management included bitcoin in its 2027 long-term investment assumptions, projecting a 10% compound annual return over a 10- to 15-year horizon. Its estimate of bitcoin’s correlation with U.S. large-cap stocks was 33%, based on historical data as of Sept. 30, 2026; its annualized volatility assumption was 55%.
JPMorgan kept bitcoin outside its main portfolio risk models because its correlations with other assets were unstable, limiting estimates of how a bitcoin holding might affect overall portfolio risk. Grayscale research head Zach Pandl described the inclusion as an institutional milestone, but Grayscale acknowledged that any portfolio benefit depends on future returns and relationships between assets.
