This thesis critically examines the economic nature of Bitcoin, questioning its position between money and financial asset. Originally conceived as a technological response to the 2008 financial crisis, Bitcoin has evolved less as a monetary alternative and more as a highly volatile investment instrument with a strong speculative component. The study assesses whether this evolution aligns with the traditional functions of money and evaluates Bitcoin’s role within a financial portfolio. Theoretical analysis indicates that Bitcoin struggles to consistently perform the functions of medium of exchange, unit of account, and store of value. Its lack of legal tender status, limited institutional integration, and pronounced price volatility undermine its capacity to operate as a stable monetary reference.