Virtual currency (such as bitcoin) isn't subject to FBAR reporting... for now. During a recent IRS webinar titled "Reporting of Foreign Financial Accounts on the Electronic FBAR," Rod Lundquist, Senior Program Analyst in IRS's Small Business/Self Employed (SB/SE) division, stated that for purposes of the current filing season (i.e., for 2013 FBARs due later this month), taxpayers aren't required to report Bitcoin on an FBAR. However, he cautioned that IRS is continuing to analyze virtual currency and that this policy could very well change going forward.
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