In a recent research report, Goldman Sachs (GS  ) forecasted that the value of bitcoin could potentially outperform gold in the long-term.

According to the report, this past year came "the end of a decade of easy money" as interest rates steadily increased. Although the value of bitcoin is steadily decreasing with time (about 75%), the value of gold has been steadily remaining the same.

Goldman Sachs has also said that gold is much less susceptible to being impacted by any type of economical state that the world is currently in. According to Goldman Sachs, gold is "a useful portfolio diversifier," since, in comparison to bitcoin, it is much more stable and useful even during times of inflation.

"The development of real use cases is also crucial to reducing bitcoin's volatility, but is by no means guaranteed and may take a long time to play out," analysts Mikhail Sprogis and Jeffrey Currie said in a written statement.

The bank also said that cryptocurrency as a whole has been supported by the state of finances in the world. Some of those who have invested have been more "willing to "explore low liquidity, high risk/return options like bitcoin."

Bitcoin, and cryptocurrency in general, tends to be more susceptible to the state of the economy than forms of payment like gold. According to the note made by the bank, gold has "developed non-investment cases today while bitcoin is still looking for one."

In general, bitcoin has remained stable up until this year, which indicates that it could have been kept for "investment purposes," according to the bank note.

"Tighter liquidity should be a smaller drag on gold, which is more exposed to real demand drivers," Goldman Sachs said.

According to Goldman Sachs, the overall economic situation with bitcoin will only become worse with time in the future. "Bitcoin's volatility to the downside was also enhanced by systemic concerns as several large players filed for bankruptcy," Goldman Sachs said.