Too an extent I believe so. If someone owns 5 houses they might be inclined to sell one for bitcoin. However if someone owns only one extra house, it's a massive jump for them to sell it and put the money into bitcoin. Depends a lot on the mindset of the owner, and the time period we're looking at. Most rich boomers own houses not because they researched it as an investment, but because it was just pretty much guaranteed to go up in value.