JPMorgan Asset Management projected in its 2027 Long-Term Capital Market Assumptions report that Bitcoin will return 10% a year over the next decade, compared with 7.5% for large-cap US stocks and 5.5% for gold. The report said Bitcoin is not suitable as a portfolio diversifier for now because its market correlations are unstable; it described Bitcoin as a speculative asset and a hedge against monetary easing. Its bull case projects a 16.6% annualized return, while its bear case projects an 11.2% annualized loss.
