# Bearer Instrument
A bearer instrument is a financial product in which ownership is not account-based but held by either physical or digital possession.

Physical [currency](currency.md) is a bearer instrument.

Unhosted crypto [wallets](wallet.md) are bearer instruments for whoever holds their associated [private key](private-key.md).

## References
1. Roche, Cullen O. 2011. ‘Understanding the Modern Monetary System’. http://ssrn.com/paper=1905625.