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Because ownership of BTC is just information plus consensus (private key + ledger). It can never be a "true" bearer asset IMO.
You have to be reasonably certain that you have EXCLUSIVE knowledge of a key to "own" any sats. Bearing that key in your custody does not make that key unknowable to others. Its just a number after all, and you can't really own a number.
but for all intents and purposes...
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