Yes, it is an asset. The IRS now classifies cryptocurrencies as "property" based on a recent Revenue Ruling. Someone shared this paper with me, which I found helpful for understanding the tax effects of cryptocurrency trades: https://scholarship.law.duke.edu/dltr/vol16/iss1/1/.
Does anyone know how Bitcoin is taxed? Also, will it change if other cryptocurrencies replace it? Trying to figure out if I should wait to trade or not...