TL; DR
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Citi just upgraded its rating on Coinbase from ‘neutral’ to ‘buy’ (with a price target of $345, from the current price of $266), reflecting significant upcoming growth in the crypto space.
Full story
Citi, the big Wall Street bank (that’s its official name), just raised its rating on Coinbase from ‘neutral’ to ‘buy’.
(The stock is forecast to reach $345 in the next twelve months, up from the current price of ~$266).
“That’s nice. But what makes this news ‘cool’ instead of, for example, ‘stuffy and boring’?”
Glad you asked.
This is the logic that confuses us all:
→ The manic 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, spend a lot of time and effort predicting this stuff (it’s how they make their money).
→ If Coinbase were to rise another 30% (after already rising ~52% this year) it would require a major increase in popularity.
(Resulting in an increase in the App Store rankings).
In the crypto world, that movement is driven by one thing:
Crypto is going up so much that your mom, dad, cousins are all downloading the Coinbase app to try to catch up.
And it is during those times that the vast majority of money is made in crypto (especially for those who have been in the market for a year or more).
Terribly cool!