JPMorgan models Bitcoin reaching $385,000 in 10-year bull case despite CEO Jamie Dimon’s criticism
J.P. Morgan Asset Management’s 2027 long-term outlook presents three Bitcoin scenarios for the next decade: a base case near $215,000, a bullish case near $386,000, and a bearish case near $25,000, from an $83,000 reference price. The base case implies 10% annual returns, above the firm’s assumptions for US large-cap stocks and gold, but Bitcoin’s projected 55% volatility is much higher. The analysis is the firm’s first long-term Bitcoin scenario assessment and treats monetary expansion and competition with gold as the main valuation drivers, assigning little weight to network adoption. J.P. Morgan cautions that volatility and unstable correlations limit Bitcoin’s portfolio-diversification role. Its growing analysis and client access to Bitcoin contrast with CEO Jamie Dimon’s longstanding criticism.
