Part 1
Bitcoin and the Monetary Role of Real Estate
Chapter 3
The Role of the Monetary Premium
A monetary premium is the value an asset carries beyond its use. Japan shows that premium can drain away over decades.
Japan: Real Estate, Monetary Conditions, and Demographic Change
Following the asset price bubble of the late 1980s, Japanese real estate values declined sharply and, in many regions, have not recovered to prior peaks even decades later.
Sources in this chapter
Why it's included
A top-down model of the global store-of-value market bitcoin could absorb.
Chapters
VerifiedRelated commentary
These conversations frame property as a savings technology people adopted by default, and ask what happens when a better one appears.
A monetary premium is the value an asset carries beyond its use. Japan shows that premium can drain away over decades.
Why it's included
Historical context for 1971, when real estate began absorbing savings that once went to gold.
Chapters
VerifiedRelated commentary
These conversations frame property as a savings technology people adopted by default, and ask what happens when a better one appears.
A monetary premium is the value an asset carries beyond its use. Japan shows that premium can drain away over decades.
Why it's included
Metaplanet's CEO at Strategy World 2026 on pivoting from hotels to bitcoin.
VerifiedRelated commentary
A Japanese hotel company reinvents itself as a bitcoin treasury, linking Chapter 3's Japan case to corporate strategy.
A monetary premium is the value an asset carries beyond its use. Japan shows that premium can drain away over decades.