#6 - Coinbase (NASDAQ:COIN)
If you’re a contrarian investor, you may want to consider investing in Coinbase (NASDAQ: COIN). There is one camp that believes the end of the Fed’s $120 billion monthly asset purchases would be bearish for cryptocurrencies. This is because cryptocurrencies, such as Bitcoin (CCC: BTC-USD), rely on their reputation as a risk-on asset for the dollar.
However, there is also a sentiment that there are many cryptocurrencies that would be unaffected by the Fed tapering because of strong investor sentiment towards the underlying blockchain technology.
Still, cryptocurrencies are still a young, emerging market. And investors don’t really know what will happen to digital currencies with a less accommodative monetary policy. But it also seems like an asset class that shouldn’t be ignored. A way for investors to get exposure to a full basket of cryptocurrencies is by investing in Coinbase which is the first exchange platform for cryptocurrencies. Since its public debut in April 2021, COIN stock is down 24%. However, the consensus opinion of analysts is that the stock has an upside of nearly 45%.
About Coinbase Global
Coinbase Global, Inc provides financial infrastructure and technology for the crypto economy in the United States and internationally. The company offers the primary financial account in the crypto economy for consumers; and a marketplace with a pool of liquidity for transacting in crypto assets for institutions.
Read More - Current Price
- $278.71
- Consensus Rating
- Hold
- Ratings Breakdown
- 10 Buy Ratings, 9 Hold Ratings, 1 Sell Ratings.
- Consensus Price Target
- $286.22 (2.7% Upside)
