""" What hasn’t happened yet, and what invariably will happen as more and more cases hit the courts, is that someone will ask the question, “what property classification do we apply to Bitcoin – WTF is it that Bob actually owns?” """

Well - this question has been asked for taxation purposes. In particular it was answered by a Polish court in http://orzeczenia.nsa.gov.pl/doc/C8296DC8B9 - and the courts answer is that it is a 'prawo majątkowe' (google translate suggests "property law" - but I am not a lawyer - and it probably is not just 'property'), and that it is not money nor financial instrument.