Bitcoin should not be expensive in our eye because of the value of Bitcoin. You would not lose your money, if you are to invest in Bitcoin. Come next 5 years, the value of Bitcoin is going to be more than it's current value. Bitcoin is going to be scarce in the future because of it limited supply therefore saying Bitcoin is expensive right now is an understatement. We can buy Bitcoin bit by bit  without owning the entire Bitcoin therefore we should not use the excuse of Bitcoin being priced at $63,0000 to discourage ourselves or others from investing in Bitcoin. Bitcoin is an asset and a valuable one therefore we should not be looking at how expensive it is to own one Bitcoin but we should be looking at what we stand to benefit from owning Bitcoin in the future. Buy as your money can get you and hodl.

I believe most would agree that Bitcoin is an asset, apart from those who are very strong on the case that Bitcoin is totally useless. Bitcoin is digital, but that's not a problem. Bitcoin is useful, it is valuable, it can be easily exchanged for fiat money to pay debt or other financial obligations. That covers multiple definitions of an asset, so I agree that maybe not all cryptos fit these definitions, but Bitcoin does.
Of course, some might stress the point that Bitcoin isn't an asset for a different reason: they believe that Bitcoin is money, so it should not be classified as an asset (if you believe that the USD is not an asset, at least in terms of financial regulations and for tax purposes). That is also reasonable, although I think we can't deny that Bitcoin is often used as an asset, so even though it can also be used as money, I don't believe it means it's not an asset.

An asset is anything of value that has the potential of generating future returns. Everyone might have their own perception about bitcoin being an asset, but as long as it can serve as an investment to me, then it is an asset.

Aren't we deceiving ourselves when we can comfortably classify fiat as an asset but won't do same for bitcoin whose value appreciates more?

Looking at the characteristic of assets, Bitcoin possesses them all, making it qualify to be seen as an asset. Like I've said before, there is no point debating this issue. People should just use bitcoin the way they understand it, as long as they derive benefits from using it the way it pleases them.

If you treat Bitcoin as an asset, other currencies that rely on Bitcoin are treated as assets. Just as no other currency can function without Bitcoin, Bitcoin has no value without it. Yes but if you invest on Bitcoin in the market then your investment can definitely be called as a safe investment but if you invest on altcoin then I don't know if it is right to call that investment as a risk free investment. However, the probability of Bitcoin disappearing from the market is very low, but other currencies can disappear from the market at any time under any circumstances, ie, the value of altcoin can reach zero.