Coinbase Exchange’s stock price has received an optimistic price prediction from a Bernstein analyst, citing improving the clarity of crypto regulation in the world’s largest economy.
Gautam Chhugani, an analyst in Global Asset Management firm Bernstein, started the stock scope listed by the NASDAQ listed on the Coinbase (Coin) with an outperform rating and a target price of over $ 310.
Analyst expects to improve the adoption of the mainstream cryptocurrency, driven by US administration Donald Trump, who wants to make Crypto policy a national priority And make the US a global hub for the blockchain change, according to a Bernstein research note that has been seen by Tipranks.
If Coinbase sharing manages to rise to $ 310, this means more than 64% rally from the current $ 188 mark, Google Finance Data displays.
Coins/USD, all-time chart. Source: Google Finance
Bullish price prediction came within a week after Trump’s first White House Crypto Summit On March 7, shortly before he signed a Executive order That is structured a plan to create a bitcoin reserve Using the cryptocurrency eliminated in government criminal cases, Cointelegraph reported.
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Coinbase’s stock may progress in improving the clarity of crypto regulation in the US
Coinbase is set to benefit from “Crypto climbing to the US financial mainstream” amid improvement of regulations, mainly due to the firm that offers a one-stop platform for many crypto activities, written research note, addition:
“The coin is described as an exchange of crypto, but it is really what a universal bank in the world of blockchain -based financial services will look like.”
“The coin offers an exchange, broker/dealer, institutional desk, banking banking, crypto payment, custodian bank, software and blockchain ecosystem services, all combined with a full stack ‘Amazon’ of crypto financial services,” the report added.
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Crypto regulation will go in a positive direction, with some analysts seeing the US Bitcoin reserve plan as the first “real step” For the integration of Bitcoin into the global financial system.
“The US has taken the first real step toward integrating Bitcoin into the global financial fabric, recognizing its role as a foundation of possession for a more stable and orderly financial system,” Joe Burnett, head of market research unchained, told the cointelegraph.
While Trump had previously featured his desire to strengthen the crypto change in the US, releasing regulations outline Take time and setting “proper regulation” will be important for the administration, according to Anastasija Plotnikova, co-founder and CEO of Fideum-a regulation and blockchain infrastructure firm dedicated to institutions.
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