JPMorgan Asset Management forecasts Bitcoin returns of 10% annually over the next 10 years. The firm includes Bitcoin in its annual long-term capital market assumptions report for the first time, projecting an arithmetic return of 20.9% and annualized volatility of 55%. However, JPMorgan says Bitcoin remains a maturing, speculative asset and does not currently recommend Bitcoin as a portfolio diversifier because market correlations are unstable. Bitwise Chief Investment Officer Matt Hougan welcomed the inclusion despite the caveats.