Assuming 10% annual Bitcoin growth… JPMorgan excludes it from its main model

J.P. Morgan Asset Management's October 19 "2027 Long-Term Capital Market Assumptions" report assigns bitcoin a 10-year base-case annualized compound return assumption of 10.0% as of its September 30 reference date, while excluding the asset from its main asset-allocation models. Grayscale, by contrast, cites the same 10.0% figure as grounds for bitcoin's portfolio-diversification potential. The 10.0% is a long-horizon planning assumption for asset allocation, not a realized return or a price target. The split matters because it shows two major asset managers diverging on whether bitcoin belongs in core allocation frameworks even as long-term return assumptions converge. What to watch next is whether J.P. Morgan keeps bitcoin outside its primary models in future editions and whether other large allocators adopt similar standalone crypto assumptions.