> That doesn’t pass a basic smell test.

How do people make money on crypto? Just sell it to another sucker. I've seen listings titled "Sale! Ten studio apartments!" - someone was literally selling all of them in one go.

Among the upper middle class around here it has become fashionable to have real estate investments - interestingly since recently also in Spain - because it's seen as a safe bet and, gradually, the default.

As for China: over 70% of household wealth there is tied to real estate. Compare that to the US, where it's less than half of that and even if you assume pension funds pour all their money into real estate, it's still less.

All those busts didn't decrease prices long term. Someone holding on to their housecoin through these cycles would still stand to gain.