True, but I feel like that just opens up another can of worms. The only way to truly own land is if you can stop someone from taking it by force (military). It is arguably the government that owns all the land and they simply rent it out to the population in the form of property taxes.
Meanwhile, you can actually own Bitcoin and the government can't take it away from you if you take the proper precautions. In fact, they wouldn't even know how much one controls if one played the game very well.
It sounds like such a nonsensical dystopia thought-experiment not based in reality but I get the feeling it will become more legitimate over time.
- Bitcoin is already gaining more value over time than property.
- 2008 shows that property is not immune to recession/crisis.
- Property will continue to lose SOV credibility.
- This makes it more and more financially responsible to own Bitcoin while renting property from others.
We could see a property death-spiral, especially if crypto city-states start popping up that allow citizens to own property without paying any taxes on them.