Does bitcoin qualify for a 1031 exchange?

In the realm of cryptocurrency and finance, a pertinent question often arises regarding the tax implications of various transactions. One such inquiry is whether or not Bitcoin, the pioneering cryptocurrency, qualifies for a 1031 exchange. A 1031 exchange, as defined by the Internal Revenue Service (IRS), allows investors to defer paying taxes on the capital gains of an investment property if they reinvest the proceeds in a similar property within a specified timeframe. Given the novelty and evolving nature of cryptocurrency, the question begs: does the IRS consider Bitcoin, or any other cryptocurrency, to be a 'like-kind' exchangeable asset under Section 1031 of the U.S. tax code? The answer, at present, appears to be a resounding 'no', as the IRS has not explicitly recognized cryptocurrencies as eligible for 1031 exchange treatment.