Legally speaking, is Bitcoin treated more as a currency or as a payment protocol?

Before I give my answer, don't be confused by the name.

First and foremost, Bitcoin by itself is a protocol. It just happens to be that the first app developed on this protocol (loosely speaking) is money and that too is called Bitcoin.

Legally speaking is SMTP a mail or a protocol? Its a protocol.

In my opinion, Bitcoin (the protocol), legally speaking is just that, a protocol.

Now if you were to ask if Bitcoin (the currency) is a protocol or money, its money of course. Is it legal? Well the jury is out on that for many countries.