No, it is an investment and as such, no gain is realized until its sale.
Bitcoin held as capital assets is taxed as property:
If you hold Bitcoin as a capital asset, you must treat it as property
for tax purposes. General tax principles applicable to property
transactions apply. In other words, just like stocks or bonds, any gain
or loss from the sale or exchange of the asset is taxed as a capital gain or loss. Otherwise, the investor realizes ordinary gain or loss on an exchange.