It's not a security.
It's not a commodity either.
It's money.
You may not agree with that and you may not like Bitcoin, but that doesn't change what it is.
It's not a commodity either.
It's money.
You may not agree with that and you may not like Bitcoin, but that doesn't change what it is.
--- start quite ---
an instrument qualifies as an "investment contract" for the purposes of the Securities Act: "a contract, transaction or scheme whereby a person invests his money in a common enterprise and is led to expect profits solely from the efforts of the promoter or a third party."
--- end quote ---
Bitcoin doesn't match that definition though. Who or what entity is the 'promoter' or 'third party' for Bitcoin? There's no registered entity, no (legitimate) foundation, no company, no CEO, no board, no chair. It's just a protocol.
And now you'd need an electron microscope to find its use cases as money.
https://btcmap.org/map#3/0.00000/0.00000
Maybe try opening them?