Goldman Sachs believes Bitcoin is not a currency

American financial services firm Goldman Sachs thinks Bitcoin is not a currency.

After the collapse of Mt. Gox, the supposed outing of Bitcoin's creator, and some high-profile arrests, Sachs has put together a survey of "Bitcoin" and "bitcoin" and found that the 'technology promising, but the currency wanting'.

According to TechCrunch, the firm found Bitcoin likely can't work as a currency, but the ledger-based technology that underlies it could hold promise.

Goldman Sachs' analysts consider bitcoin more like a commodity than a currency, according to the report.

Dominic Wilson, chief markets economist at Goldman Sachs, and Jose Ursua, a global economist with the firm wrote that Bitcoin, and other digital currencies, lie somewhere on the boundary between currency, commodity and financial asset.

They concluded that the virtual currency is currently a speculative financial asset that can be used as a medium of exchange.