It sees bitcoin's price more than doubling to $100,000 if it grabs a 50% share of the so-called "store of value" market. That term refers to assets that maintain their worth over time without depreciating.
Goldman says bitcoin already makes up a fifth of that market today, citing the cryptocurrency's $700 billion market capitalization versus gold's $2.6 trillion.
The investment bank's analyst also said in his note that bitcoin may have applications - in his words - "beyond simply a 'store of value'."
Bitcoin fell sharply in December and has struggled to rebound after peaking in November at $69,000. It rose more than one-and-a-half percent Tuesday morning.
