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Well, that's the point. It's more hyperbolic than accurate. Real Estate is inflated by the fiat system just isn't a quipy but is more accurate. He knows this. He uses the term for effect. Just not my style. It's great for preaching to the chior but not to outsiders.
The other thing is real estate as an investment is different from real estate as a citadel. A home. Real Estate and homes are used as savings vehicles and that's flawed. Bitcoin is better. But you can't live in a bitcoin. Understanding how to use things and how not to is key.
More than being inflated by fiat, prices are arbitrarily inflated by the state holding so much land off the market. That means it’s vulnerable to a rug pull if those restrictions are ever repealed.
To me, that’s an important distinction between real estate and other goods that are produced according to their costs of development.
Of course I agree with both of you but there is also a lot of artificial scarcity and price manipulation that benefits current bag holders, so it’s not entirely off the mark as an analogy.