Bloomberg says Bitcoin unfit for storing money

Bitcoin’s exceptionally high volatility prevents it from becoming a medium of exchange, according to Goldman Sachs Group Inc.’s Sharmin Mossavar-Rahmani, Report informs, referring to Bloomberg.

"Something with a long-term volatility of 80% can’t be considered a medium of exchange," said Rahmani, head of the investment strategy group for the bank’s consumer and investment-management division.

"Just because everybody piles into an idea and talks it up doesn’t mean it’s a store of value," she added.

Bitcoin’s price has recently skyrocketed after Elon Musk posted the corresponding hashtag on his Twitter page.

The Bitcoin price rose 18.39 percent to $37,420.