I don't think either are actually. Technically speaking you can't just hand over a UTXO to someone without the ledger having to record it. With a 20 dollar bill I hand to you, only you and me know about it. Digital possession requires the ledger, physical possession (a true bearer asset) does not. It's pure. 

But I was getting at something else in my original post with respect to the bearer asset.. (which might have been clumsy)