Bitcoin MagazineTD Cowen’s Lance Vitanza: BTC to $132k in 2027 & MSTR Price OutlookInstitutions are no longer debating whether to own Bitcoin. Now the question is how. TD Cowen Managing Director Lance Vitanza explains why Bitcoin is evolving from a standalone asset into a capital markets ecosystem of common stock, preferreds, bonds and income products. He shares what he heard at the Bitcoin Treasuries conference in New York and why institutional investors increasingly evaluate Bitcoin within a portfolio.Chapters:00:00 Bitcoin Is Evolving From an Asset Into a Capital Markets Ecosystem01:36 Bitcoin Preferreds, Bonds and Dividend-Paying Instruments03:25 How Analysts Are Evaluating Digital Credit05:23 Which Bitcoin Treasury Companies Survive a Downturn07:28 Strive, Metaplanet and Nakamoto: Why Operating Businesses Matter10:24 Could MSCI Index Removal Hurt Bitcoin Treasury Companies?12:27 Blockchain Surveillance, Front-Running and Trust in Bitcoin Prices14:20 Sponsor: Cash App15:01 TD Cowen’s Bitcoin Price Target for 202716:38 Why Well-Run Bitcoin Treasury Companies Could Outperform BitcoinDISCLAIMER: The views and opinions expressed in this show are those of the participants and do not necessarily reflect the official policy or position of BTC Inc., Bitcoin Magazine, or any affiliated entities. This content is provided for informational and educational purposes only and should not be construed as investment, legal, tax, or accounting advice. Nothing contained in this show constitutes a solicitation, recommendation, endorsement, or offer to buy or sell any securities or financial instruments. Viewers should consult their own advisors before making financial or business decisions.This post TD Cowen’s Lance Vitanza: BTC to $132k in 2027 & MSTR Price Outlook first appeared on Bitcoin Magazine and is written by Patrick Green.