According to macro guru Raoul Pal, a US-based crypto firm’s shares may experience a significant breakout in the current bull market cycle.
In a video shared on Real Vision’s YouTube channel, the former Goldman Sachs executive suggested that Coinbase’s stock could potentially surge by 10x.
“I think this bull market, the whole space will end up being $10 to $15 trillion, somewhere between that. So how much is Coinbase worth in that? I mean, it would not surprise me if Coinbase was worth $500 billion. It’s insane it’s so cheap, considering the size of the market that’s already there…
So if the [total crypto market cap] goes 5x, this probably goes 10x. That doesn’t sound stupid. That’s a hell of a trade for people. If people don’t want to trade the cryptocurrencies themselves, Coinbase is a hell of a trade.”
At the close of the market on Monday, Coinbase’s stock was trading at $324, marking a more than 19% increase in 24 hours. The company currently boasts a market cap of $81.17 billion.
Pal is optimistic about Coinbase’s future, attributing it to the election of pro-crypto candidates to US Congress positions and the victory of Donald Trump as US president.
Coinbase has invested millions into pro-crypto super PAC Fairshake to support candidates endorsing digital assets, as detailed in a CNBC article.
Faryar Shirzad, Coinbase’s chief policy officer, recently celebrated the election results as a victory for the industry.
Despite being embroiled in a legal dispute with the U.S. Securities and Exchange Commission (SEC) over alleged unregistered sales of securities, Pal remains bullish on Coinbase.
“On the election, I thought it was pretty clear who won the election, Coinbase, because they had the super PAC, and Elon [Musk]. I mean, Tesla and Coinbase, you might as well just throw every other stock out you own and just buy those.”
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