伯恩斯坦说

伯恩斯坦（Bernstein）认为，在美国，Coinbase（Coin）是著名的加密货币交换，可能会看到其股票价值急剧上升。

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.

资产管理公司伯恩斯坦（Bernstein）的最新报告可深入研究Coinbase（NASDAQ：COIN），并有可能大幅提高其股票价值。

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.

作为美国著名的加密货币交流，Coinbase有望从特朗普政府的政策中受益，这些政策可能对加密货币更有利。

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.

根据伯恩斯坦全球数字资产董事总经理Gautam Chhugani的说法，Coinbase的股票价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的资产管理公司的价格目标定为180美元，但Chhugani预计这将上涨至每股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）为Coinbase分配了“跑赢大盘”评级。该评级是公司对Coinbase的表现优于市场平均水平并在更支持性的监管环境中蓬勃发展的潜力的关键指标。

Coinbase Poised to Lead in a Pro-Crypto Environment

共同构成准备在亲克赖普托环境中领导

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.

唐纳德·特朗普（Donald Trump）总统的政府的目标是将美国定位为“世界的加密首都”，这种环境可能不太容忍加密活动。

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

Chhugani强调了Coinbase在市场上的主要地位，指出该交易所控制了美国市场66％的份额。

“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.”

“由于特朗普政府渴望使美国成为世界的加密首都'，Coinbase仍然是主要平台（美国市场份额为66％），以驱使逆风。”

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，法规清晰度还可以鼓励金融科技公司，经纪人，银行和其他金融服务提供商的竞争，这一资产管理公司承认这一方面。

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.

尽管如此，Chhugani仍然对Coinbase保持领导能力的能力保持乐观。他建议，美国越来越多的加密市场最终将使该平台受益。

“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.”

“监管清晰度带来了更多来自金融科技，经纪人，银行等的硬币竞争。但是，我们希望强劲的牛市市场，并使我们在陆上的统治地位越来越多，超过了任何竞争性的市场份额和定价压力。”

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

就收入潜力而言，楚加尼（Chhugani）预计Coinbase的非交易收入将有31％的复合年增长率。

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

这种乐观源于交易所对加密金融服务的战略性扩展，尤其是其在USD Stablecoins和Staking等服务中的主导地位。

“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.”

“硬币已经做得很好，可以在交易之外建立一套加密金融服务，尤其是在美元稳定的市场领先份额，加密货币收益服务（例如Statiking）。”