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$300,000 is Bernstein's price target for bitcoin ($BTC) by the end of 2029, the firm disclosed in a client note Wednesday.
Analyst Gautam Chhugani attributed the call to the firm's price-to-marginal cost framework and what he described as a revival of the debasement trade, with investors rotating into scarce or tangible assets as a hedge against a weakening dollar.
At bitcoin's last reported price of $78,045.70, that target represents a gain of roughly 285%. Chhugani also set an intermediate milestone, projecting a recovery to a new all-time high of $150,000 by mid-2027.
Bitcoin topped $80,000 on Monday for the first time since May and has climbed 21% over the past month.
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