The post Coinbase stock to $1,700? This crypto investor thinks so appeared on BitcoinEthereumNews.com.

Crypto investor Will Clemente predicted that Coinbase stock could be valued at $400 billion, implying a gain of seven times from current levels. Coinbase is one of the largest centralized crypto exchanges alongside market stakeholders like Binance, Bybit, and Kraken. Despite Coinbase stock (COIN) recording an uptrend since January 2023, the company’s shares are more than 30% below its where shares traded at after its initial public offering. Currently, COIN is trading at around $222 and Clemente opined that shares have an upside potential to $1,700 by the end of the crypto cycle.  My price target for Coinbase this cycle is $400 billion market cap or roughly $1,700/share, although I’ll probably be out of my calls before then because of theta decay. Eventually one day COIN will likely become a trillion dollar business if they continue to execute IMO. — Will (@WClementeIII) July 5, 2024 What could bolster Coinbase’s stock price?  According to Clemente, the potential for COIN to skyrocket depends on a sharp U.S. regulatory shift. “Without that, $750-$1,000 seems more reasonable,” Clemente said, although the Reflective Research founder insists the change will happen on Capitol Hill. Coinbase would be strategically positioned as America’s leading crypto exchange if such an outcome unfolded. This is further supported by government patronage, as the U.S. government uses the platform as its preferred digital asset brokerage service.  The company also boasts an Ethereum-based layer-2 scaling solution dubbed Base and is the first publicly traded company to run its blockchain network. Considering the close ties between Base, Coinbase Wallet, and Circle’s USDC token with possible stablecoin policies on the horizon, the firm may find itself at the confluence of crypto mass adoption.  What may ultimately decide the pendulum swing pertains to who sits in the White House come 2025, whether a Democrat like sitting President…

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Filed under: News - @ July 7, 2024 2:20 am