• Sat. Apr 13th, 2024

Oppenheimer Upgrades Coinbase Stock Price Target: Broker Expects Significant Benefits from Blockchain Technology Adoption”.

BySamantha Jones

Apr 4, 2024
Oppenheimer Predicts Coinbase Will Gain from Increasing Adoption of Blockchain Technology

Coinbase (COIN) is expected to benefit significantly from the long-term adoption of blockchain technology, according to broker Oppenheimer. The research report released by the broker on Wednesday raised its earnings estimates for the crypto exchange. Analysts Owen Lau and Guru Sidaarth pointed out that the adoption of digital assets has continued to grow following the approval of spot bitcoin (BTC) exchange-traded funds (ETFs) in January. They also highlighted the increasing liquidity in the space, particularly noting the growth of the average market cap of USD Coin (USDC) to $31 billion by the end of the first quarter of 2024.

In light of this positive outlook, Oppenheimer raised its price target for Coinbase stock to $276 from $200. While there are potential headwinds that investors should be aware of, such as risks related to spot ether (ETH) ETF approval, Oppenheimer remains optimistic about long-term adoption. As a company backed by Circle, which issues USDC, Coinbase earns gross interest income on USDC outstanding balances and stands to benefit greatly from further growth in digital asset adoption.

By Samantha Jones

As a dedicated content writer at newszxcv.com, I bring a passion for storytelling and a keen eye for detail to every piece I create. With a background in journalism and a love for crafting engaging narratives, I strive to deliver informative and captivating content that resonates with our readers. Whether I'm covering breaking news or delving into in-depth features, my goal is to inform, entertain, and inspire through the power of words. Join me on this journey as we explore the ever-evolving world of news together.

Leave a Reply