Bitcoin is a new and curious phenomenon as it brings a fresh and unique way of approaching the concept of money. Bitcoin is ever more often brought up in conversation, which makes it a current research topic. Because of the growth of Bitcoin, there is an increasing amount of skepticism aimed toward it declaring that bitcoin is not money, nor cannot ever become one. The purpose of this thesis is to analyze bitcoin as money. The theoretical framework will be theories from the Austrian school of economic thought regarding the emergence of money and its properties. These theories will be compared with collected primary and secondary data to find out whether bitcoin matches the theories’ description of money The thesis begins with the authors’ brief description of the core principles and research methodology used in the Austrian school of economic thought, after which the emergence, function, and properties of money are described. Primary data is collected from an online survey. Secondary data is obtained from various books, online books, web articles, forum messages, and academic research. Both primary and secondary data are used to answer research questions. Both primary and secondary data are used to create comparisons to find out what similarities bitcoin has with the theories presented in this thesis. This research uses a deductive approach to answer research questions. The research results show that while bitcoin does function as a medium of exchange, it cannot be considered money yet. This thesis aims to be useful for anyone interested in bitcoin’s viability as money. Further research ideas are proposed at the end.