Bitcoin (EXANTE: Bitcoin) failed as a medium of exchange due to its "long-term volatility," Bloomberg reports, citing Goldman Sachs Wealth Management Chief Investment Officer Sharmin Mossavar-Rahmani. The Goldman Sachs' executive says general hype does not mean the cryptocurrency can be considered as a store of value.
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"Just because everybody piles into an idea and talks it up does not mean it’s a store of value," she said.
However, not everyone at Goldman Sachs is skeptical about bitcoin. The Global Head of Commodities Research in the Global Investment Research Division at Goldman Sachs, Jeff Currie, believes the Bitcoin market is "beginning to become more mature" these days.
"The key to creating some type of stability in the market is to see an increase in the participation of institutional investors and right now they are small," Currie emphasized.
Meanwhile, Bloomberg's strategists think the largest cryptocurrency by market capitalization is on track to become a digital version of gold. If bitcoin wants to replace gold in the long run, it should simply maintain what it has been doing over the last few years: appreciating in price and maturing.
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