JPMorgan's characterization of Bitcoin as a "speculative asset" remains unchanged: over the next decade, its annual returns may outperform US stocks and gold, but it is still not recommended for inclusion in core portfolios.

Zhitong Finance APP has learned that JPMorgan Asset Management predicts that Bitcoin's annualized return over the next decade will outperform U.S. large-cap stocks, real estate investment trusts (REITs), and gold. However, in the company's 2027 Long-Term Capital Market Assumptions report, this 10% return forecast comes with 55% annualized volatility, which is precisely the reason it is not included in the core asset allocation model.