A Bitcoin sign is seen at the entrance of a cryptocurrency exchange office on April 16, 2021 in Istanbul, Turkey.

Chris McGrath | Getty Images

The recent deflation in bitcoin has reinforced concerns about the cryptocurrency’s bid to become a long-term store of value, according to Goldman Sachs’ top commodities strategist.

Bitcoin climbed above $63,000 earlier this month, capping a dramatic rise starting in October that was fueled by increased adoption from financial firms and other companies, including Tesla. However, the cryptocurrency turned south and broke below $50,000 before regaining some of that ground in recent days.

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