Last week, TechCrunch published a story based on a Goldman Sachs document one the publication managed to get its hands on. The bottom line: It’s too risky for the banking company’s investors.

In fact, Goldman Sachs seems perplexed at the popularity surrounding Bitcoin. “[I]t has become hard to separate the effect of hype surrounding the currency from its fundamentals,” the document reads.

That said, the company did note that Bitcoin’s liquidity and ability to almost eliminate transaction costs were key benefits. But, like many detractors, Goldman Sachs worries about the anonymity afforded by the currency, the possible lack of security and the fact that the “natively digital experience” of Bitcoin is just too confusing.

According to the company’s research, more people are speculating on Bitcoin’s value than actually participating in its economy.

Also worrying to the report’s authors is the fact that “no liquid derivative market for Bitcoin” exists, nor is there a large market of suppliers in the B2B realm accepting Bitcoin payments, something many merchants we’ve covered here have noted.

Nonetheless, Goldman Sachs suggests that there are opportunities in the Bitcoin realm, but those are still some time off.

“As a full suite of financial services build up around Bitcoin, there will be numerous (mostly commission- based) revenue opportunities investors can focus on, including providing exchanges, wallets, payment processing, lending, derivatives and other services.”

The TechCrunch piece can be found here.