Bernstein 在 Coinbase 上押下重注，预计到 2026 年将出现代币化超级周期

Bernstein 预计 2026 年将出现“代币化超级周期”，尽管最近调整了价格目标，但 Coinbase 仍将成为传统资产向区块链转移的关键参与者。

Alright, New York, listen up! The financial crystal ball is getting a digital polish, and what we're seeing might just change how you think about your assets. While the immediate chatter around Coinbase (NASDAQ: COIN) involved some analyst price target adjustments, the real story brewing, courtesy of Bernstein, is a full-blown 'tokenization supercycle' expected to hit by 2026. This isn't just about crypto anymore; it's about everything else getting a blockchain upgrade.

好吧，纽约，听着！金融水晶球正在得到数字化打磨，我们所看到的可能会改变您对资产的看法。虽然围绕 Coinbase（纳斯达克股票代码：COIN）的直接讨论涉及一些分析师的价格目标调整，但伯恩斯坦提供的真实故事正在酝酿，预计将在 2026 年实现全面的“代币化超级周期”。这不再只是关于加密货币；而是关于加密货币。这是关于区块链升级的其他一切。

Bernstein's Bold Vision: The 2026 Tokenization Supercycle

Bernstein 的大胆愿景：2026 年代币化超级周期

On January 6th, Bernstein analyst Gautam Chhugani, while tweaking Coinbase’s price target to $440 from $510 (still an 'Outperform' rating, mind you!), dropped a bombshell prediction: a 'tokenization supercycle' is on the horizon for 2026. Imagine this: the U.S. dollar, vast capital markets, and even those quirky event-based assets, all migrating onto the blockchain. It's a seismic shift from traditional ledgers to decentralized ones, promising enhanced efficiency, transparency, and liquidity. Bernstein’s also feeling pretty good about Bitcoin, suggesting the broader digital asset market has likely bottomed out, setting the stage for this next big wave.

1 月 6 日，Bernstein 分析师 Gautam Chhugani 在将 Coinbase 的价格目标从 510 美元调整至 440 美元（请注意，仍然是“跑赢大盘”评级！）的同时，抛出了一个重磅预测：“代币化超级周期”即将在 2026 年出现。想象一下：美元、庞大的资本市场，甚至那些古怪的基于事件的资产，全部都迁移到了区块链上。这是从传统账本到去中心化账本的巨大转变，有望提高效率、透明度和流动性。伯恩斯坦也对比特币感觉相当好，这表明更广泛的数字资产市场可能已经触底，为下一波大浪潮奠定了基础。

Coinbase: Navigating Market Swings Towards a Tokenized Future

Coinbase：驾驭市场波动，迈向代币化的未来

So, where does Coinbase fit into this grand vision? Despite a recent slowdown in trading activity that saw Rosenblatt also lower its price target (to $325 from $470), the long-term outlook remains decidedly bullish for the crypto exchange. Rosenblatt argues the market has already factored in lower volumes and is focused on Coinbase's strategic transformation. We're talking expansion into equities, prediction markets, and stablecoin payments, all moves that lessen its reliance on the volatile crypto trading cycles and position it squarely for a tokenized future. Goldman Sachs, on January 5th, even upgraded Coinbase to a 'Buy,' raising its price target to $303, hailing the company as a 'best-in-class play' for those looking to capitalize on expanding crypto infrastructure.

那么，Coinbase 在这个宏伟愿景中扮演着怎样的角色呢？尽管最近交易活动放缓，Rosenblatt 也降低了其价格目标（从 470 美元降至 325 美元），但加密货币交易所的长期前景仍然明显看涨。 Rosenblatt 认为市场已经考虑到了交易量下降的因素，并关注 Coinbase 的战略转型。我们正在谈论向股票、预测市场和稳定币支付的扩张，所有这些举措都减少了其对波动性加密货币交易周期的依赖，并将其定位为代币化的未来。 1 月 5 日，高盛甚至将 Coinbase 的评级上调至“买入”，将其目标价提高至 303 美元，并称赞该公司对于那些希望利用不断扩大的加密基础设施的人来说是“一流的公司”。

A Consensus on Digital Transformation

数字化转型共识

It's not just Bernstein ringing the tokenization bell. While not directly about Coinbase, investment management firm VanEck, in its ultra-bullish forecast for Ethereum (ETH), also highlighted 'tokenized real-world assets' as a key driver for ETH’s potential valuation reaching a staggering $154,000 by 2030. This broader sentiment from diverse financial powerhouses underscores a growing, undeniable trend: the future of finance is increasingly digital, and assets, both traditional and novel, are finding their home on the blockchain.

这不仅仅是伯恩斯坦敲响了代币化的钟声。虽然没有直接涉及 Coinbase，但投资管理公司 VanEck 在对以太坊 (ETH) 的超级乐观预测中也强调，“代币化的现实世界资产”是 ETH 潜在估值到 2030 年达到惊人的 154,000 美元的关键驱动力。来自不同金融巨头的这种更广泛的情绪强调了一个日益增长的、不可否认的趋势：金融的未来越来越数字化，无论是传统资产还是新颖资产，都在区块链上找到了自己的家。

The Big Apple's Take: Betting on Blockchain's Breakthrough

大苹果公司的看法：押注区块链的突破

From our perch here in the concrete jungle, it looks like Coinbase, despite the occasional market hiccup and analyst adjustments, is positioning itself as a crucial architect for this impending digital renaissance. While the short-term may see some bumps, the long game—driven by a tokenization supercycle—suggests a significant evolution in financial markets. Coinbase's strategic pivots into diversified blockchain-based services align perfectly with Bernstein's ambitious forecast. It’s less about just trading digital coins and more about building the rails for an entirely new, tokenized global economy. So, keep your eyes peeled; the future isn't just coming, it's getting tokenized, and it promises to be one heck of a ride!

从我们身处的混凝土丛林中来看，尽管市场偶尔会出现波动，分析师也会做出调整，但 Coinbase 仍将自己定位为即将到来的数字复兴的关键架构师。虽然短期可能会出现一些障碍，但在代币化超级周期的推动下，长期游戏表明金融市场将发生重大演变。 Coinbase 的战略重点转向基于区块链的多元化服务，这与 Bernstein 雄心勃勃的预测完全一致。这不仅仅是交易数字货币，更多的是为全新的、代币化的全球经济构建轨道。所以，请擦亮眼睛；未来不仅即将来临，而且正在被代币化，而且这将是一次美妙的旅程！