This is true of deposits also. The difference is that in a bailment a specific piece of real property must be returned, while in a deposit it is a designated amount of property.

If Bitcoins are fungible, then the ledger entry is equivalent to deposit rather than bailment. If Bitcoins are not fungible, they are not money.

Deposits are a contract right though. If courts aren't willing to enforce them, they have no value. Specific money is capable of exclusive possession and alienable even though it is fungible. When I spend bitcoin I am spending specific bitcoin.