Coinbase stock may rally to $310 on Trump-led crypto policies
Coinbase exchangeâs stock price has received an optimistic price prediction from a Bernstein analyst, citing improving crypto regulatory clarity in the worldâs largest economy.Gautam Chhugani, an analyst at global asset management firm Bernstein, initiated coverage of Nasdaq-listed Coinbase (COIN) stock with an outperform rating and a price target of over $310.The analyst expects improving mainstream cryptocurrency adoption, driven by US President Donald Trumpâs administration, which intends to make crypto policy a national priority and make the US a global hub for blockchain innovation, according to a Bernstein research note seen by Tipranks. If Coinbase shares manage to rise to $310, it would mean an over 64% rally from the current $188 mark, Google Finance data shows.The bullish price prediction comes over a week after Trump hosted the first White House Crypto Summit on March 7, shortly before he signed an executive order that outlined a plan to create a Bitcoin reserve using cryptocurrency forfeited in government criminal cases, Cointelegraph reported.Coinbase stock may surge on improving crypto regulatory clarity in the USCoinbase is set to benefit from cryptoâs âascendancy to the US financial mainstreamâ amid improving regulations, mainly due to the firm offering a one-stop platform for numerous crypto activities, wrote the research note, adding:âCOIN is described as a crypto exchange, but it is actually what a universal Bank would look like in the world of blockchain-based financial services.ââCOIN offers an exchange, broker/dealer, institutional prime desk, stablecoin banking, crypto payments, custodian bank, software and blockchain ecosystem services, all combined into a full stack âAmazonâ of crypto financial services,â added the report.Crypto regulation is heading in a positive direction, with some analysts seeing the US Bitcoin reserve plan as the first âreal stepâ for Bitcoinâs integration into the global financial system.âThe US has taken its first real step toward integrating Bitcoin into the fabric of global finance, acknowledging its role as a foundational asset for a more stable and sound monetary system,â Joe Burnett, head of market research at Unchained, told Cointelegraph.While Trump has previously highlighted his intentions to bolster crypto innovation in the US, issuing regulatory frameworks takes time and setting the âright regulatory toneâ will be crucial for the administration, according to Anastasija Plotnikova, co-founder and CEO of Fideum â a regulatory and blockchain infrastructure firm focused on institutions.