Yes, obviously. But according to GAAP, durable property (e.g. PP&E) is depreciated/amortized over its useful life, as prescribed by U.S. tax code. @Michael Saylor's description of #bitcoin as “digital property in cyberspace” is a reference to real property and an eager regulator is going to interpret it, accordingly. Better to use words (and analogies) carefully. Commodities are not taxed or depreciated during holding periods — though they sometimes do erode. Additional bookkeeping (and thus taxation) only happens when they are bought, sold, leveraged, or exchanged. That’s what we want for Bitcoin.