According to Burniske, bitcoin is close to fulfilling the same roles as money: It’s a means of exchange, a store of value, and a unit of account. However, bitcoin may not simply be a type of money, and may be its own unique thing, he said.
“Bitcoin is more than a currency—it is a technology that can do far more than fiat currency,” said Burniske. “Bitcoin is more than money as we currently know it, and therefore should be given the space it needs to innovate and grow into its rightful place as a new kind of asset class,” he added.
Vijay Michalik, research analyst for consultancy Frost Sullivan, agreed with Burniske.
“I think bitcoin clearly fits the specification for a currency at this point,” he told CNBC via email. “It’s a viable medium of payment and exchange for a wide variety of commerce transactions, it’s fungible and there’s significant infrastructure and volume for currency exchange, too.”