JPMorgan Asset Management has made its first long-term forecast for Bitcoin: it expects annualized returns of around 10% over the next 10–15 years, but annualized volatility of about 55%. Bitcoin still hasn’t been incorporated into its core portfolio model. The returns look unremarkable, while the volatility is several times that of equities—institutions being willing to discuss the numbers doesn’t mean they’re ready to allocate. #BTC #JPMorgan #Institution