We see several major risks surrounding Coinbase, which make us believe that it’s much safer to purchase bitcoin rather than invest in the company’s shares.In addition to growing competition, there are also questions about whether Coinbase has a sustainable business model, which will be able to meet a strict regulatory environment in the future.While Coinbase was able to grow its operations in recent years, there’s also a risk that its sales will begin to decline as its business slowly begins to mature.