Coinbase is likely to be a major beneficiary of the industry's growth - as the main on and off-ramp, and now officially as the biggest NFT platform.
The cryptoeconomy Coinbase has helped build is antifragile by design it is here to stay, and it will grow substantially in the future. ( NASDAQ: COIN) is a very profitable business with many growth catalysts. Coinbase is a proven leader, and as more cryptocurrencies emerge, and as crypto adoption increases with time, it'll be tough to top the stock.Coinbase Global, Inc. While there are tons of exchanges popping up, few can be trusted as much as the likes of Coinbase, which I believe, sets the industry standard. Analyst price targets range from a low of $160.00 per share to a high of $600.00 per share. Out of 16 analyst ratings, there are 13 Buy recommendations, 2 Hold recommendations, and 1 Sell recommendation.Īs for price targets, the average Coinbase price target is $398.00, which implies 48.5% upside potential from current levels. Wall Street's TakeĪccording to TipRanks’ consensus analyst rating, COIN stock comes in as a Strong Buy. With that, Coinbase is well-positioned to continue thriving as it expands into new crypto-related verticals through acquisitions. While there are long-term cryptocurrency investors, the asset class is more of a trader's playground.
In any case, cryptocurrencies are ridiculously volatile, changing hands at a rampant rate, a trend that's unlikely to change anytime soon. Tomorrow, it may be Ether, or something that's not on investors' radars yet, or possibly something that's yet to launch. Sure, you could just bet on Bitcoin itself, but Coinbase, I believe, is a better, and possibly safer way to play the growing adoption of the broader crypto universe, which is sure to mature and improve by leaps and bounds over the coming years. There are a growing number of cryptocurrencies, some of which may be prone to blowing up (think the Squid Game token), and with Coinbase, you don't need to worry about single token risks. Undoubtedly, Dorsey is a visionary, and he may view cryptocurrencies as one of the top technological themes for the 2020s.Īs one of few publicly-traded crypto pure-plays, Coinbase is a name that could benefit from such a transition, even if the space stands to get more crowded with time. The strategic pivot is bound to get more of Jack Dorsey's attention now that he doesn't have to be so involved with social-media firm Twitter. Square's rebranding to become Block comes with a strategic pivot towards a broader crypto-focused viewpoint. Coinbase Stock: A Better Way to Bet on Cryptocurrencies? For that reason, I am neutral on the stock, but would consider changing my stance should COIN stock fall closer to $200 per share. Indeed, like the metaverse, there could be many winners, and I believe Coinbase could be one of them. In any case, the rapidly-growing cryptocurrency asset class isn't just one firm's for the taking. So much so that the man left Twitter ( TWTR).Įventually, Block could shape up (please, forgive the pun!) to be a massive rival for the likes of Coinbase. Undoubtedly, Jack Dorsey's Block ( SQ), formerly known as Square, is setting its sights on cryptocurrencies and the blockchain.
Who's the New Cryptocurrency Firm on the Block? However, as more firms take cryptocurrencies seriously as a means of exchange, one has to think that Coinbase is a decent play for broader cryptocurrency exposure. It's tough to tell when the next crypto crash will come and how long it will take trading activity to recover.
Undoubtedly, cryptocurrencies can be quite cyclical.
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