JPMorgan includes Bitcoin in its 2027 Long-Term Capital Mark
Grayscale research head Zach Pandl posted that JPMorgan Asset Management included Bitcoin in its 2027 Long-Term Capital Market Assumptions, projecting a baseline compound annual return of 10% over the next decade, annualized volatility of 55%, and a correlation with US equities of only 33%. However, JPMorgan is cautious about the instability of the correlation and did not include it in its main covariance matrix.
Event Timeline
- [11-05 00:00] JPMorgan included Bitcoin in its 2027 Long-Term Capital Market Assumptions, forecasting an annualized return of 10% (PANews)
- [11-05 00:03] JPMorgan included Bitcoin in its 2027 Long-Term Capital Market Assumptions, projecting an annualized return of 10% (Odaily Planet Daily)
Background and Impact
On November 5, 2026, Grayscale research head Zach Pandl posted that JPMorgan Asset Management had included Bitcoin in its 2027 Long-Term Capital Market Assumptions. Both PANews and Odaily Planet Daily reported the news and cited the same set of data: the institution expects Bitcoin's baseline compound annual return over the next decade to be 10%, with annualized volatility of 55%. Pandl said this marks another milestone for Bitcoin as an institutional asset.
From the details Pandl disclosed, the 10% expected return is higher than all other asset classes mentioned in the materials; Bitcoin's correlation with US large-cap stocks is estimated at only 33%, lower than international equities, corporate bonds, and hedge funds. Pandl believes assets combining high absolute returns and low correlation with core equities are hard to find, and these characteristics make Bitcoin a potentially attractive portfolio diversification tool.
However, JPMorgan's reservations are equally clear. According to the two sources, the institution remains