The key characteristic of these assets was that whoever physically held cash could claim the value it represented . However, in modern times, cash is no longer considered a bearer asset because it no longer means a direct claim on gold or any other asset.
From: Bitcoin is a Bearer Asset
Not sure whether the definition of a bearer asset necessarily implies that it should be a claim against another, generally more valuable asset.
Bitcoin is money and as such it can be exchanged against all goods and services currently sold for Bitcoin, but it's not a claim on any underlying asset that somehow legitimizes it, as gold legitimized cash.
A bearer asset is in my opinion better understood through the lens of counterparty risk. Cash has counterparty risk since the fiat money supply can be increased or decreased in arbitrary ways.
U.S. Dollars are backed by hard working American taxpayers. They're quite literally the debt owed for your labor. Bitcoin is just the debt someone else owes or feels entitled to.
You have zero obligation to repay Bitcoin's debt over your own interests.
