J.P. Morgan Leaves Bitcoin Out of Main Allocations Despite 10% Forecast

J.P. Morgan Asset Management included Bitcoin (BTC) in its long-term forecasts for the first time but did not make it a portfolio allocation, limiting the role of its 10% annual return assumption in the firm’s main models. The 2027 outlook pairs that return estimate with an assumption of 55% annualized volatility. Both figures apply to a planning horizon of 10 to 15 years. They are long-term assumptions, not estimates of what Bitcoin will return in any single year. For comparison, the firm assumes annual returns of 7.5% for U.S. large-cap stocks and 5.5% for gold.