A few days ago, I was chatting with a local friend in Shenzhen. He said he hoped housing prices would drop another 50% so he could buy a house. I told him that would probably lead to a wave of homebuyers jumping ship. The worst situation over the past five years has been buying a house with a mortgage. The amount owed to the bank is higher than the current housing price. It's like working for the bank for free, which is psychologically depressing. Of course, buying Bitcoin at any time over the past decade or so has always been a win-win. Buying a house with a mortgage also missed the golden period of cryptocurrencies and US stocks. Buying a house has become a tragic debt management exercise. The core reason is that China's land is too vast, coupled with the government's fiscal needs, and the construction of houses (increased issuance) is almost endless. However, the total supply of Bitcoin is fixed, with a huge long-term right tail, allowing ordinary people to hedge against inflation and enjoy the dividends of global high-quality asset growth.