Bitcoin tops every asset class in J.P. Morgan's 2027 Long-Term Capital Market Assumptions, the bank's 31st annual edition, released October 19, with a 10.0% compound annual return over a 10-to-15-year horizon, Bitcoin.com News reported. The same table puts private equity at 9.8%, US real estate investment trusts at 8.2%, US small caps at 7.7%, US large caps at 7.5%, a 60/40 stock and bond portfolio at 7.0%, US high yield at 6.6%, gold at 5.5% and cash at 3.2%. The cost of that return is volatility, which JPMorgan puts at 55% a year for bitcoin against 17.2% for gold. That gap explains why the bank's arithmetic average return for bitcoin, 20.9%, sits so far above the 10.0% compound figure, since large swings eat into what a holder actually keeps over time. Two details temper the headline. JPMorgan includes no bitcoin allocation in its model portfolios, and bitcoin has not yet been added to its main correlation data. The dollar targets circulating with the story, about $212,500 in 10 years and $342,000 in 15, are Bitcoin.com News's own arithmetic from a price near $81,900, not figures from JPMorgan.