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Most highly valued assets have intrinsic value. The jury isn’t out on real estate surviving a bear market at all.

Currently it’s unknown if crypto has intrinsic value. It certainly has extrinsic value, though.

It's not a given that real estate has intrinsic value. Sure properties which are in high demand today will continue to do so tomorrow. But not all properties are like that. You can look at several foreclosed properties in 2008 bubble. Many continue to be in rundown state (both commercial and residential). Because the costs of renovation, taxes, utilities, insurances when included makes the property a losing proposition.

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