Bernstein sees bitcoin hitting $300,000 by 2029 on debasement trade

Bitcoin could surge to $300,000 per token by the end of 2029, according to Bernstein analysts, who cite a revival of the "debasement trade" as investors hedge against a weaker U.S. dollar. The forecast implies a 285% gain from current levels. The prediction follows U.S. federal debt crossing a record $40 trillion earlier this month, stoking inflation concerns and leading the Treasury to increase debt buybacks, which analysts say could weaken the dollar. Bitcoin topped $80,000 on Monday for the first time since May, trading at $78,045.70, up 21% over the past month. Bernstein also says the rally could boost Strategy Inc., the largest corporate bitcoin holder, with an outperform rating and a $350 price target implying 176% upside. Strategy shares are down nearly 20% year to date and 65% lower than a year ago.