According to CoinMeta, JPMorgan Asset Management has included Bitcoin in its long-term investment assumptions for 2027, expecting a compound annual return of 10%, which is higher than the 7.5% return on large U.S. stocks, 9.8% for private equity, 7% for a stock-bond 60-40 portfolio, and 5.5% for gold. The estimated correlation between Bitcoin and large U.S. stocks is 33%. JPMorgan expects Bitcoin to have an annualized volatility of 55% and has excluded it from its main investment portfolio model due to its unstable correlation with other assets. The company describes Bitcoin investments as speculative assets and notes that their role in portfolio allocation is related to monetary easing, with adoption, regulation, and liquidity all affecting its economic characteristics.