JPMorgan Says Bitcoin Could Beat Stocks and Bonds Over 10 Years, but Stays Cautious

JPMorgan sees bitcoin beating stocks, bonds and gold in a base case

JPMorganChase's asset management division said bitcoin could outperform most asset classes over the next 10 years, but it still will not recommend the cryptocurrency to strategic investors because it remains too volatile.

The view comes from the bank's 2027 "Long-Term Capital Market Assumptions" report. The report described bitcoin as "a speculative asset and a hedge against monetary easing."

JPMorgan is one of the world's largest banks. Its CEO, Jamie Dimon, has long been a bitcoin skeptic even as the bank has used blockchain — the shared digital ledger that records transactions — to launch its own products.

Key points from the report

• The bank's base case shows bitcoin returns beating stocks, bonds and gold.


• It says it is "premature to consider BTC as a diversifier in a balanced portfolio." A diversifier is an asset held to spread risk across different investments.


• The report says bitcoin "currently lacks a clear role as a diversifier in balanced portfolios due to unstable correlations to other asset classes."


• It notes bitcoin "mostly trades like a high beta risk asset that tracks global money supply growth."


• The bank says its view could change if volatility keeps falling and correlations to other assets stabilize, especially as rules become clearer and trading conditions improve.

What JPMorgan's report says about volatility and diversification

JPMorgan said volatility in bitcoin's price has eased, but not enough to change how it treats the asset in a balanced portfolio. The report described bitcoin's unstable relationship with other asset classes as the main reason it lacks a clear diversification role.

The report added that a continued decline in volatility and more stable correlations "may evolve in the future, particularly as regulation becomes clearer and liquidity and price discovery continue to improve."

Dimon's long-standing criticism

Dimon has publicly attacked bitcoin, calling it a "hyper up fraud" and a "pet rock," and saying its only value is to criminals. At the same time, he has praised the technology behind bitcoin and spoken positively about crypto products such as stablecoins — digital tokens designed to hold a steady value.

Bitcoin's growing place on Wall Street

Bitcoin has become more popular on Wall Street, especially after the U.S. Securities and Exchange Commission allowed exchange-traded funds to trade in 2024. ETFs are funds that trade on stock exchanges and can track an asset such as bitcoin.

President Donald Trump's pro-crypto stance has also helped, according to the source, with regulators under his administration taking a more open approach to overseeing the sector since 2025.

The bank's stance in short

JPMorgan's report projects that bitcoin could outperform most asset classes over 10 years, but the bank is not recommending it for balanced portfolios today because of volatility and unstable correlations. That position could shift if those conditions change.

Sources

• Bitcoin Magazine