Bitcoin Outperforms Coinbase Stock Since Crypto Exchange's IPO

Coinbase stock tends to rise and fall with Bitcoin's price; buying Bitcoin directly since Coinbase's IPO would have yielded better returns
Regulatory risks threaten Coinbase's business model more than Bitcoin itself
Bitcoin is a simpler bet that it will remain relevant long-term
Buying Coinbase stock requires predicting Bitcoin's relevance, exchanges' continued dominance, and Coinbase's regulatory survival
Stick with a simple Bitcoin investment rather than the additional risks of investing in Coinbase