Is Bitcoin a "futures contract?" Maybe. A futures contract is not defined in the CEA specifically, but it has been defined in the courts as a commitment to deliver or receive an asset - including U.S. dollars - in the future at a pre-agreed price.
Since you can't eat [gold] when hungry, or wear it when cold, or cuddle under it in the rain, what "protection" does it provide? Because it does not pay interest or dividends, why should one prefer it over investments that do?