JPMorgan models Bitcoin at $385,000 in 10-year bull case

• —Base case: 10% annual return, price near $215,300 from an $83,000 reference
• —Bull case: 16.6% a year and $385,500; bear case: -11.2% and $25,300
• —Projected BTC volatility of 55% versus 18% for US equities
• —65% of the model's weight is money supply growth, 30% is competition with gold