It’s *most* like a currency - can use it as margin, borrow and lend it, has associated interest rate, many derivatives denominated in BTC etc. If a commodity it would be the only non-physical one. If a security, what rights does it give other than the trivial right to sell it?https://twitter.com/quantian1/status/1430552357914415106 …
No overnight rate or term structure of interest rates, and as far as I know, no one denominates anything or calculates pnl in units of MSFT shares.