Unlike traditional bearer assets, bitcoin does not represent a claim on any other asset; instead, it is a digital asset directly owned and controlled by the key holder . This digital form of bearer asset emphasizes the importance of securing private keys. The key feature of a bearer asset is that its ownership is entirely determined by physical possession. This property exists with other assets like gold and silver, but the cost of custodying a bearer asset with a physical form is prohibitively expensive . Depending on how much you have, you might need a military to secure it. The value must justify the costs of defending it. Even if secured, it's extremely expensive to prove its existence a...
From: Bitcoin is a Bearer Asset