Goldman Sachs has revealed it expects gold to outperform the flagship cryptocurrency Bitcoin ($BTC) over the long-term over its demand drivers, while expecting the cryptocurrency to be more influenced by tighter financial conditions.

In a research note, the bank wrote that gold is a “useful portfolio diversifier” as it has developed non-speculative use cases, while $BTC is, in their view, still looking for one. Goldman’s analysts, according to Reuters, showed that while traders use gold to hedge against inflation and dollar debasement, BTC resembles a “risk-on high-growth tech company stock.”

According to the bank, the cryptocurrency is a “solution looking for a problem,” whose value proposition comes from its future real use cases. For now it’s more volatile and speculative than the precious metal. The bank forecast that as financial conditions become tighter, investors’ willingness to explore decentralized digital currencies may erode.