There are a lot of people willing to lend you money on the back of less-liquid-than-cash assets, though. It may not be "real wealth" but it certainly is spendi

There are a lot of people willing to lend you money on the back of less-liquid-than-cash assets, though. It may not be "real wealth" but it certainly is spending power and psychological cushion, which means different spending choices, which means inflationary pressure. I had a lot of coworkers who listed crypto holdings on their mortgage application in the past few years. They wouldn't have been bidding as high if the perceived value of those wasn't there.