Bitcoin Could Outperform Most Assets, JPMorgan Says — But the Bank Still Won’t Recommend It
Bitcoin Magazine Bitcoin Could Outperform Most Assets, JPMorgan Says — But the Bank Still Won’t Recommend It The bank has said bitcoin could do better than stocks and bonds over the next 10 years but...
The bank has said bitcoin could do better than stocks and bonds over the next 10 years but says it is still too volatile.
JPMorganChase’s asset management division has said that while bitcoin is still too volatile to be recommended for strategic investors’ portfolios, the cryptocurrency could outperform most asset classes over the next 10 years.
In its 2027 “Long-Term Capital Market Assumptions” report, the bank said that while volatility in the biggest cryptocurrency’s price has dampened, it is “premature to consider BTC as a diversifier in a balanced portfolio.”
JPMorgan, one of the world’s biggest banks, has utilized Bitcoin’s underlying tech — the blockchain — to debut its own products. But the multinational’s CEO, Jamie Dimon, has long been a Bitcoin skeptic.
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 🚀 pic.twitter.com/m2dEiP47Vo
“BTC currently lacks a clear role as a diversifier in balanced portfolios due to unstable correlations to other asset classes,” the report read.
It added: “We see bitcoin as a speculative asset and a hedge against monetary easing.”
The report went on to show a graph with a base case for bitcoin returns beating stocks, bonds and gold. But it did add that the coin’s volatility could harm its role in portfolios.
“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,” it noted.
For now, the report added, bitcoin “mostly trades like a high beta risk asset that tracks global money supply growth.”
Bitcoin has become more popular on Wall Street, especially since the Securities and Exchange Commission green lighted exchange-traded funds to trade in 2024.
President Donald Trump’s pro-crypto stance has also helped: regulators under the U.S. leader have taken a far more open approach to watchdogging the space since 2025.
JPMorganChase boss Jamie Dimon has famously blasted Bitcoin, calling it a “hyper up fraud” and “pet rock” — adding that its only value is to criminals.
Still, he has praised the coin’s underlying technology, and lauded crypto products like stablecoins.
Asanat Analysis — Why it matters
JPMorgan's posture—acknowledging bitcoin's outperformance potential while withholding institutional endorsement—reflects the widening gap between quantitative performance models and fiduciary risk frameworks. The bank's 10-year outlook likely incorporates adoption curves, monetary policy divergence, and institutional capital flows, yet formal recommendations require liability standards that retail-focused crypto markets haven't fully satisfied. This creates a structural arbitrage: clients who independently allocate to bitcoin via non-bank custodians capture upside that JPMorgan itself models but won't underwrite.
The statement is significant because it signals JPMorgan's internal conviction about bitcoin's macro positioning, possibly driven by inflation hedging demand, geopolitical reserve diversification, or finite-supply dynamics versus fiat expansion. However, the refusal to recommend it underscores regulatory/reputational friction and custody infrastructure gaps that still separate institutional-grade crypto from traditional wealth management. When the world's largest investment banks privately model outperformance but publicly abstain, it typically precedes a maturation phase—either crypto custody evolves or competitive pressure forces earlier adoption.
This dynamic has historically preceded institutional onboarding waves. JPMorgan itself launched its own cryptocurrency (JPM Coin) and custody solutions, signaling infrastructure readiness. The gap between internal analysis and external recommendation may narrow if regulatory clarity improves or if competitor banks begin formally recommending bitcoin allocation, creating client-flight risk.