Coinbase (COIN) stock prices could see +35% by the end of 2021. US banking giant Goldman Sachs is making this prediction.
After plummeting by 25% in recent weeks, COIN shares have been targeted by a report from Goldman Sachs analysts who are predicting a fully bullish trend by the end of the year.
In fact, one of the world’s largest investment banks also claimed to have led preparations for Coinbase’s direct offering last April, when the company went public on the Nasdaq exchange.
That of Goldman Sachs, which has put a ‘buy’ rating on COIN, is a price prediction of +35% for Coinbase’s stock.
Why the stock price of Coinbase may rise
Among the various reasons for predicting COIN’s price increase, some include the following:
“Coinbase’s ability to bring significant opportunities to add features and capabilities,” being able to take advantage of the volatile nature of the crypto markets, providing a “leading consumer platform with strong customer trends,” and bringing leverage to “an ecosystem that is experiencing strong growth”.
So Coinbase’s presence in the crypto world is for Goldman Sachs a competitive advantage in the stock market as well. A real change in thinking of the global banking institution towards the world of crypto.
In fact, just yesterday, Goldman Sachs, previously hostile to the cryptocurrency sector, had expressed in a report a new and revolutionary definition of crypto, categorizing it as a new asset class.
Revelations upon revelations, at a time when Goldman Sachs itself is restarting its crypto trading desk, dealing in bitcoin futures and non-deliverable forwards (NDF).
New acquisition at Coinbase: Faryar Shirzad
At the same time, Coinbase also seems to be appreciating Goldman Sachs’ praise, announcing a new Chief Policy Officer: Faryar Shirzad.
Today, Coinbase announced that @FaryarShirzad, former Goldman Sachs Global Co-Head of Government Affairs and former White House Deputy National Security Advisor, will join Coinbase as Chief Policy Officer. read more on our blog: https://t.co/UFXoDp3fCs
— Coinbase News (@CoinbaseNews) May 24, 2021
Faryar Shirzad is a former Goldman Sachs global co-head of government affairs and former deputy national security advisor at the White House.
In the statement, Coinbase describes Shirzad’s role at Goldman Sachs as follows:
“During his 15 year tenure at Goldman Sachs, Faryar played a leading role in managing the firm’s government relations and public policy strategy, regularly engaging with policymakers around the world to help the firm navigate complex legislative and regulatory developments”.