Bernstein sees bitcoin reaching $150,000 by mid-2027 amid ‘debasement trade,’ but cuts Strategy target to $350

Bernstein projects bitcoin could reach $150,000 by mid‑2027 as investors position it as a "debasement trade" hedge against fiat weakness. At the same time the firm trimmed its price target for MicroStrategy (MSTR) to $350, reflecting company‑specific and valuation concerns despite the bullish BTC outlook. The implication is that while Bernstein sees sizable medium‑term upside for bitcoin, equity proxies like MicroStrategy entail distinct operational and valuation risks and may not track bitcoin's gains one‑for‑one.