The thesis provides a comparative overview of US, EU and Islamic legal classifications of Bitcoin as legal tender. Focusing on the volatility and irreversibility issues, the thesis shows that the volatility is caused by external factors and not internal factors of the money. Historically, the thesis shows that these factors are used to be efficiently regulated by self-regulatory standard, namely the gold standard. The dominant underlying reason of the gold standard is the scarcity of the gold, which is considered to be the basis of Bitcoin. However, the thesis explores that usefulness and qualitative effort od the commodity are the real policy rationale behind the gold, which is manifested in the dual purpose mining process of Bitcoin. This model serves as the key to recognize Bitcoin as legal tender in the US and the Islamic business laws, with an exception to EU due to the single sovereignty currency and market. The irreversibility, in turn, is discovered not to be an issue per se. In addition, it shows that the traditional regulations in the selected jurisdictions of the consumer protection rules are applicable to Bitcoin transactions.