JPMorgan Asset Management included Bitcoin in its annual long-term capital market assumptions report for the first time, forecasting 10% growth per year over the next 10 years. It also projected a 20.9% arithmetic return and 55% annualized volatility.
The firm said Bitcoin is still maturing and did not make a case for using it to diversify portfolios because its correlations with other assets are unstable. It described Bitcoin as speculative and said its returns are hard to model because factors including adoption, regulation and liquidity may matter as much as technology.
