The real estate will be worth something in 10 years, the shitcoins will not. I assume op was talking about crypto whales with massive paper gains.

Exactly. Not many asset classes that have not gone up a huge amount in the last 10 years. They all have room to fall.

Also, buy real-estate requires significant amounts of money, much more than the average person has lying around (or can borrow).

How many recessions happen when a bunch of people think a recession will happen tomorrow? The Fed is trying to reduce inflation. It seems like they’ve done a pretty good job of doing so just by signaling an aggressive rate increase schedule. Once inflation is lower, they can go back to pretending stocks and real estate aren’t real inflation and start juicing the markets again.

It's also not the first asset class that comes to mind when I think of "not highly leveraged"...