Bitcoin proponents argue that bitcoin is deflationary based on a misinterpretation of the Quantity Theory of Money. At any rate, QTM is a theory of money, and

Bitcoin proponents argue that bitcoin is deflationary based on a misinterpretation of the Quantity Theory of Money. At any rate, QTM is a theory of money, and as such it only applies to money. It doesn't apply to random assets, such as bitcoin. And, no, the fact that bitcoin has been declared "legal tender" in this or that country doesn't mean bitcoin is money in the context of QTM.