Is cryptocurrency property?

In the realm of finance and legal jurisprudence, the question of whether cryptocurrency constitutes property has been a subject of much debate. Could you elaborate on the arguments for and against this classification? On one hand, proponents argue that cryptocurrency, due to its unique characteristics such as scarcity, divisibility, and transferability, shares similar properties to traditional assets like gold or real estate. They further contend that as cryptocurrencies can be bought, sold, and even bequeathed, they exhibit many hallmarks of traditional ownership rights. However, opponents counter that the decentralized and volatile nature of cryptocurrencies makes them unsuitable for classification as property. They argue that the lack of a central authority or physical presence renders cryptocurrencies fundamentally different from traditional property. So, where does the law stand on this? Is cryptocurrency indeed property, or does it occupy a unique category of its own?