TL;DR
-
Citi has just upgraded its rating on Coinbase from ‘neutral’ to ‘buy’ (w/ a target of $345, from today’s price of $266), reflecting significant upcoming growth in the crypto space.
Full Story
Citi, the Wall St big-dog bank (that’s its formal name), has just upgraded its rating on Coinbase from ‘neutral’ to ‘buy.’
(Forecasting the stock will hit $345, from its current price of ~$266, in the coming 12 months).
“That’s nice. But what makes this news ‘cool’ instead of, say, ‘stuffy and boring’?”
Glad you asked.
Here’s the logic that’s getting us all riled up:
→ The mania phase of the last bull run (when prices went violently up-and-to-the-right) was highlighted by Coinbase reaching the top of the App Store.
→ We don’t know how to predict when that will happen again…
→ But big banks, like Citi, put a lot of time and effort into predicting these sorts of things (it’s how they make their money).
→ For Coinbase to move up another 30% (after already moving ~52% year-to-date) would require a big ol’ uptick in popularity.
(Resulting in it ascending the App Store rankings).
In the crypto world, that movement is driven by one thing:
Crypto going up enough that your mom, dad, cousins, neighbors are all downloading the Coinbase app to try and catch the ride up.
And it’s in those times that the vast majority of money is made in crypto (especially for those that have been in the market for a year or more).
Very cool!
