Macro guru Raoul Pal believes shares of a US-based crypto company may see an explosive breakout in the current bull market cycle.
In a video on Real Vision’s YouTube channel, the former director of Goldman Sachs says suggests Coinbase stock has the potential to rise 10x.
“I think this bull market, the whole space will end up being $10 to $15 trillion, somewhere in between. How much is Coinbase worth in that? I mean, I wouldn’t be surprised if Coinbase was worth $500 billion. It’s insane that it’s so cheap considering the size of the market that’s already out there…
So if the [total crypto market cap] goes 5x, this probably goes 10x. That doesn’t sound stupid. That’s a whole business for people. If people don’t want to trade the cryptocurrencies themselves, Coinbase is a great trade.”
Shares of Coinbase were trading at $324 at market close on Monday, up more than 19% in 24 hours. The company has a current market capitalization of $81.17 billion.
Pal believes that the election of Donald Trump as US President and other victories by pro-crypto candidates in the US Congress give Coinbase a bright future.
Coin base sunk tens of millions of dollars in pro-crypto super PAC Fairshake, a political action committee, in support of candidates who support digital assets.
Coinbase Chief Policy Officer Faryar Shirzad recently celebrated the election results as a victory for the sector.
Coinbase is embroiled in a legal battle with the US Securities and Exchange Commission (SEC), which alleges that the cryptocurrency exchange engaged in unregistered sales of securities.
says friend,
“Going into the election, I thought it was pretty clear who won the election, Coinbase, because they had the super PAC, and Elon [Musk]. I mean, Tesla and Coinbase, you might as well throw out all the other stocks you own and just buy them.”
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Generated image: Midjourney