Bank Of America Thinks You Should Buy Coinbase Stock
The second biggest bank in the United States, Bank Of America, is bullish on Coinbase stock. What does this mean for Coinbase and crypto in general?
Interesting. Bank of America is using Paxos services and now preparing to buy Coinbase.
— Theodore Theodore (@11_theodore) January 6, 2022
Bank Of America announced that they are upgrading their recommendation on Coinbase stock from neutral to buy. However, their price target of $340 remains unchanged.
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- The upgrade from B of A was due to Coinbase’s diversified revenue streams and future potential. Coinbase was criticized for relying too much on retail trading fees. But they have since announced initiatives like their NFT marketplace.
- Bank of America, based on some measures, is the second biggest bank in the United States. Worldwide, the bank serves 66 million clients.
- According to Bankrate, Bank of America is known for digital innovation. It currently has 37 million digital clients, and “…is experiencing success after introducing its virtual assistant, Erica, that assists account holders with various tasks.”
- Bank of America is an investor in Paxos, the stablecoin company behind PAX and BUSD.
- This isn’t the first time Coinbase received a “buy” rating from a major institution. Or even the second time. Despite the Jamie Dimon’s of the world FUDding crypto when their schedule permits it, Coinbase is a well-thought of asset in the mainstream financial world.
- As of press time, Coinbase stock (Ticker symbol: COIN) is trading down. COIN is down 3% since market open, and trading in the $228 USD range. However, the entirety of the market is still reeling from the Fed minutes release.
- Although, Bank of America’s buy rating was only for Coinbase stock, it still bodes well for crypto as a whole. Not only is Coinbase the second biggest exchange, it also takes great pains to make crypto accessible to new users.
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