Investment giant JPMorgan (JPM) is projecting that bitcoin $BTC$81,522.53 will surpass the performance of U.S. stocks, bonds, and gold over the upcoming decade.
In its recent 2027 Long-Term Capital Market Assumptions report, JPMorgan estimated a baseline of 10% annualized returns for bitcoin over the next ten years. The bank also outlined potential scenarios, including a bear case of -9.7% and a bull case of 17%.
In comparison, the anticipated growth for U.S. bonds is projected at 5.6%-6.6%, while U.S. large-cap and small-cap equities are expected to see returns of 7.5% and 7.7% respectively, with gold estimated at 5.5%.
This report marks the first occasion where JPMorgan has quantified a range of expected returns for bitcoin in its analyses.
The New York-based financial institution has had a complex relationship with cryptocurrency, particularly due to CEO Jamie Dimon’s well-known skepticism regarding bitcoin. Dimon infamously referred to the leading cryptocurrency as a “fraud” back in 2017, a sentiment he has softened in subsequent years.
In its latest report, JPMorgan expressed a cautious stance on bitcoin, noting that its “volatility and unstable correlation with other asset classes…continue to pose challenges for [its] broader adoption in investment portfolios.”