Value Is Not a Physical Thing

Stop Confusing Physical with Real

The other day I listened to a podcast with the founder of the world’s second-largest real estate tokenization company.

A full hour on how a building in Madrid, an apartment in Miami or a retail space in Lisbon can live on a blockchain. Fractionalized. Liquid. Transferable in seconds. No notary, no registry, no friction.

I closed the episode thinking exactly what I thought the first time I opened ChatGPT back in 2022.

This is another revolution.

And I remembered a line from Larry Fink, the man who manages over ten trillion dollars, saying, plainly, that every asset in the world will eventually be tokenized. Not some. All of them.

The curious part is that most people still think digital is somehow less real than physical. That tokenizing is, in some way, diluting. That an asset on a blockchain is more fragile than one written on paper and filed at a registry. That Bitcoin can’t be worth anything because you can’t touch it.

And this is where the whole argument collapses.

Because if you look at …