https://bitcoinmagazine.com/articles/south-korean-supreme-court-rules-bitcoin-asset/ I read about this news that in south korea bitcoin is legally become recognizeable as asset. I do think bitcoin is a currency and not an asset. I dont know whether this is good news or not for cryptocurrency. One thing i believe with legalization from goverment i do think more investors will come to invest in bitcoin, but i think if bitcoin become an asset its not as it suppose to because i believe bitcoin should be a currency which is currency is for transaction and asset is not for transaction.
In accounting Assets can be grouped into, Liquid Assets and Non-Liquid Assets. Cash is considered liquid since it is legal tender and can be used to pay debts, I think Bitcoin only fails here because of the meaning that it should be backed by a government in order to be legal tender which contradicts the meaning of Cryptocurrency. Bitcoin fails to become a cash equivalent because of volatility. Right now they are classifying Crypto as an Intangible Asset as it only where it fits for now.
Either once government recognize bitcoin as legal tender or when the market stabilizes and the value can be clearly measured then it will be cash or a cash equivalent. Being defined an asset is a win for crypto now, they are accepting the fact that it has value and I think the next step is to be considered as a cash equivalent and the last step to be finally be synonymous to cash.
Relax, it will be done one step at a time.