JPMorgan Sees Bitcoin Possibly Topping Most Assets, but Still Won't Endorse It

Bitcoin may outperform most asset classes over the next 10 years, according to JPMorganChase's asset management arm, even though the bank still considers the cryptocurrency too volatile for strategic investors' portfolios.

In its 2027 “Long-Term Capital Market Assumptions” report, the firm wrote that while price swings in the largest digital asset have quieted, it is “premature to consider BTC as a diversifier in a balanced portfolio.”

One of the world’s biggest banks, JPMorgan has used bitcoin’s blockchain to launch its own products. Its chief executive, Jamie Dimon, has nevertheless been a longtime skeptic of the cryptocurrency.

JUST IN: The largest bank in the U.S. JPMorgan is forecasting Bitcoin to outperform every major asset over the next decade.

You are not bullish enough

— Bitcoin Magazine (@BitcoinMagazine) October 20, 2026

The report stated: “BTC currently lacks a clear role as a diversifier in balanced portfolios due to unstable correlations to other asset classes.”

The analysis also described bitcoin as “a speculative asset and a hedge against monetary easing.”

The report’s base case put projected returns for bitcoin above those for stocks, bonds and gold. It cautioned, however, that the coin’s volatility could limit its role in portfolios.

The report observed: “But should volatility continue to decline and correlations to other asset stabilize, this may evolve in the future, particularly as regulation becomes clearer and liquidity and price discovery continue to improve.”

At present, the bank said, bitcoin “mostly trades like a high beta risk asset that tracks global money supply growth.”

Bitcoin’s popularity on Wall Street has increased, particularly since the Securities and Exchange Commission gave exchange-traded funds the go-ahead to trade in 2024.

President Donald Trump’s pro-crypto stance has also made a difference: since 2025, regulators under the U.S. leader have taken a considerably more permissive line on overseeing the industry.

Jamie Dimon, the head of JPMorganChase, has been a famous critic of bitcoin, describing it as a “hyper up fraud” and a “pet rock” and arguing it is only useful to criminals.

Even so, Dimon has spoken approvingly of the underlying technology and has welcomed crypto offerings such as stablecoins.