The classification of Bitcoin as a commodity is a complex topic with different perspectives from various regulatory bodies and legal systems.

## U.S. Regulatory Perspective

In the United States, Bitcoin is generally **treated as a commodity** by the Commodity Futures Trading Commission (CFTC). The CFTC has consistently stated that Bitcoin and other virtual currencies are commodities under the Commodity Exchange Act. This classification allows the CFTC to regulate Bitcoin derivatives markets, including futures and options contracts.

## Key Characteristics Supporting Commodity Classification

Bitcoin shares several characteristics with traditional commodities:

- **Fungibility**: One Bitcoin is interchangeable with another
- **Finite supply**: There will only ever be 21 million Bitcoin
- **Mining process**: Similar to extracting precious metals
- **Store of value**: Can be held as an investment asset
- **Tradeable**: Can be bought, sold, and traded on exchanges

## Alternative Classifications

However, Bitcoin's classification isn't universally agreed upon:

- **Securities**: Some argue Bitcoin could be classified as a security, though this is less common for Bitcoin itself
- **Currency**: Some jurisdictions treat it as a form of digital currency
- **Property**: The IRS treats Bitcoin as property for tax purposes
- **Digital asset**: A broader category that encompasses various characteristics

## International Perspectives

Different countries have varying approaches:
- Some treat it as a commodity
- Others classify it as digital currency
- Some consider it property or a digital asset

## Conclusion

While Bitcoin is **commonly classified as a commodity** in major jurisdictions like the United States, its unique digital nature means it doesn't fit perfectly into traditional asset categories. The classification often depends on the specific regulatory context and jurisdiction in question.