Goldman Sachs has recommended its investors to buy Coinbase stock to get exposure to cryptocurrency space, according to CNBC. Strategist Will Nance predicts the stock to jump by as much as 35% by the end of the year.
Goldman’s recommendation comes amid increased volatilities in crypto markets that has seen Coinbase stock plunge 25% in a few weeks.
Goldman, which led preparations for Coinbase’s direct listing, has made inroads into cryptocurrencies after initially not considering them an asset class.
The U.S bank cites Coinbase’s significant opportunities in adding new capabilities and features as key to its growth.
Goldman also says Coinbase has the ability to capitalize on digital assets’ volatility to become a leading platform for consumers.
Coinbase stock is currently gaining. COIN: NASDAQ is up 0.98%
