Crypto enthusiasts and traders have long speculated about the prospect of bitcoin being used to fill the role of gold in hedging against inflation. Goldman Sachs sees more big gains in bitcoin's price if people start taking the proposition seriously.

In its latest Global Markets Daily note, Goldman analyst Zach Pandl explains that bitcoin's $700bn market capitalisation commands roughly 20% of the “store of value” space — which he defines as bitcoin and the value of gold used for investment combined.