Speaking on CNBC’s The Coin Rush on Tuesday, Goldman Sachs’ global head of commodities research, Jeff Currie, said the cryptocurrency market “is becoming more mature” but still has a way to go.

“Right now they’re [institutional investors] small … about $700 billion dollars of money in bitcoin (BTC, -0.38%) right now, of that roughly one percent of it is institutional money,” said Currie.

Currie, who is the global head of commodities and research, also said bitcoin is a defensive asset similar to gold. He raised gold’s $3 trillion market, saying some of that money could be allocated to cryptocurrency.

“Right now all of the cryptocurrencies have about a trillion [dollars], let’s say it grows to $2 trillion, then you just do the simple math – how many coins are out there divided by that, and you can end up with a fair value.”

That valuation assessment could help provide a long-term equilibrium, but the in and outflows of money in bitcoin create a lot of volatility and a lot of uncertainty that made it difficult to forecast, Currie said.

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