It is.
I remember the first time I heard it, to me it was basically some hack slopping his way through Jimi's masterpiece. Strumming a guitar and singing badly, off-key, with no rhythm. Why would you do an acoustic cover and do it badly, then release it? I listened to the whole thing just to see if the DJ said who it was, and he said it was Bob Dylan doing the original version of the song made famous by Jimi... and I just turned my radio off.
Then for some stupid reason, I felt the need to share this with a friend of mine who's a huge Dylan fan. As I'm telling the story, he just looks at me and says "Oh no, you didn't... you didn't!" But I did. And I liked it.