What happened
JPMorgan published a forward-looking note Tuesday morning projecting Bitcoin to outperform US stocks and gold through 2036, CryptoBriefing reported. The piece frames the call as a reassessment of long-horizon risk-adjusted returns, with BTC positioned as a structural asset class rather than a speculative satellite. The bank's trading desk circulated the note during the European morning session.
JPMorgan has historically been one of the more skeptical sell-side voices on Bitcoin. CEO Jamie Dimon has repeatedly called BTC a 'pet rock' in public remarks, even as the bank quietly expanded access to spot Bitcoin ETFs for private-bank clients last year. That split between the public line and the research desk makes Tuesday's note read like a formal shift in the house view, not a one-off trader take.
Why it matters
The call matters because JPMorgan is the single largest US bank by assets and one of the most-followed sell-side research shops for institutional allocators. A ten-year outperformance projection from this specific desk gets forwarded straight into pension and endowment investment committees. That is a different distribution channel from a retail-driven headline.
The headline looks bullish. The flow picture is more mixed. Spot BTC ETF net flows have been choppy through October, and gold has pulled in record inflows this year on the back of central bank buying. JPMorgan is effectively telling clients to fade part of that gold bid in favor of BTC on a decade view.