伯恩斯坦說

伯恩斯坦（Bernstein）認為，在美國，Coinbase（Coin）是著名的加密貨幣交換，可能會看到其股票價值急劇上升。

The recent report from asset management company Bernstein provides a deep dive into Coinbase (NASDAQ:COIN) and the potential for a substantial increase in the value of its stock.

資產管理公司伯恩斯坦（Bernstein）的最新報告可深入研究Coinbase（NASDAQ：COIN），並有可能大幅提高其股票價值。

As the well-known cryptocurrency exchange in the US, Coinbase is expected to benefit from the Trump administration’s policies, which are likely to be more favorable towards crypto.

作為美國著名的加密貨幣交流，Coinbase有望從特朗普政府的政策中受益，這些政策可能對加密貨幣更有利。

According to Gautam Chhugani, managing director of global digital assets at Bernstein, Coinbase’s stock price could experience a significant surge of 72% from its current levels.

根據伯恩斯坦全球數字資產董事總經理Gautam Chhugani的說法，Coinbase的股票價格可能比目前的水平高出72％。

Currently, the asset management company’s price objective for Coinbase is set at $180, but Chhugani anticipates this to rise to $310 per share.

目前，Coinbase的資產管理公司的價格目標定為180美元，但Chhugani預計這將上漲至每股310美元。

Furthermore, Bernstein has assigned Coinbase an “outperform” rating. This rating is a key indicator of the company’s confidence in Coinbase’s potential to perform better than the market average and to thrive in a more supportive regulatory environment.

此外，伯恩斯坦（Bernstein）為Coinbase分配了“跑贏大盤”評級。該評級是公司對Coinbase的表現優於市場平均水平並在更支持性的監管環境中蓬勃發展的潛力的關鍵指標。

Coinbase Poised to Lead in a Pro-Crypto Environment

共同構成準備在親克賴普托環境中領導

President Donald Trump’s administration is aiming to position the US as the “crypto capital of the world,” an environment that could be less tolerant of crypto activity.

唐納德·特朗普（Donald Trump）總統的政府的目標是將美國定位為“世界的加密首都”，這種環境可能不太容忍加密活動。

Highlighting Coinbase’s dominant position in the market, Chhugani noted that the exchange controls a 66% share of the US market.

Chhugani強調了Coinbase在市場上的主要地位，指出該交易所控制了美國市場66％的份額。

“With the Trump Administration’s aspiration to make America the ‘crypto capital of the world,’ Coinbase remains the dominant platform (66% US market share) to ride the tailwinds.”

“由於特朗普政府渴望使美國成為世界的加密首都'，Coinbase仍然是主要平台（美國市場份額為66％），以驅使逆風。”

However, regulatory clarity could also encourage competition from fintech firms, brokers, banks, and other financial service providers, an aspect that the asset management company acknowledges.

但是，法規清晰度還可以鼓勵金融科技公司，經紀人，銀行和其他金融服務提供商的競爭，這一資產管理公司承認這一方面。

Despite this, Chhugani remains optimistic about Coinbase’s ability to retain its leadership. He suggests that a growing crypto market in the US will ultimately benefit the platform.

儘管如此，Chhugani仍然對Coinbase保持領導能力的能力保持樂觀。他建議，美國越來越多的加密市場最終將使該平台受益。

“Regulatory clarity brings more competition for COIN from fintechs, brokers, banks, etc. However, we expect a strong bull market and rising US onshore dominance to more than offset any competitive market share and pricing pressures.”

“監管清晰度帶來了更多來自金融科技，經紀人，銀行等的硬幣競爭。但是，我們希望強勁的牛市市場，並使我們在陸上的統治地位越來越多，超過了任何競爭性的市場份額和定價壓力。”

In terms of revenue potential, Chhugani anticipates a 31% compound annual growth rate for Coinbase’s non-trading revenue.

就收入潛力而言，楚加尼（Chhugani）預計Coinbase的非交易收入將有31％的複合年增長率。

This optimism stems from the exchange’s strategic expansion into crypto financial services, particularly its dominance in USD stablecoins and services like staking.

這種樂觀源於交易所對加密金融服務的戰略性擴展，尤其是其在USD Stablecoins和Staking等服務中的主導地位。

“COIN has done well to build a suite of crypto financial services beyond trading, particularly market leading share in USD stablecoins, crypto yield services such as staking.”

“硬幣已經做得很好，可以在交易之外建立一套加密金融服務，尤其是在美元穩定的市場領先份額，加密貨幣收益服務（例如Statiking）。”