Additionally, look at it in terms of risk-adjusted returns. As you rightly pointed out, real estate has a lot of counterparty risk, where governments can seize it, tax it, etc. This is not to say that Bitcoin doesn't have any risks. If you want to consider the risk of Black Rock forking the coin and dumping the main chain, you can also consider that into the picture. I am trying to be objective here; However, Bitcoin is the most decentralized, most secure, and absolutely scarce digital asset without an issuer, so I don't foresee major counterparty risk like I do with real estate.