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Berlin vote for real estate possession
In Berlin, Germany, the growing shortage of affordable housing has reached a tipping point as the demand for housing in the city increases. Yesterday, voters took part in a referendum on forcing large real estate companies to sell most of their housing units, turning them into socialized public housing.
The “yes” vote received 56.4% and the “no” vote 39% in a non-compulsory referendum. For the referendum to pass, Berlin city-state government officials will have to debate the proposal.
Social instability, such as the growing momentum that could destabilize real estate private property rights in one of the world’s most popular cities, indicates that Bitcoin’s personal property rights are so important and another reason why they are superior to any other property. The discovery of Bitcoin has proposed many innovations with the evolution of private property rights at the top of our list.
Bitcoin’s Superior Private Property Rights
For the first time in history, Bitcoin offers us a property option that does not rely on local authorities or the legal system that enforces or protects it. It is protected by the natural incentives of network participants.
It provides us with an assortment of value and savings technology where no government, central institution or voting bloc can properly seize, freeze or access it through violence or force if it is properly protected. With an Internet connection, anyone in the world can secure this property without permission and no other person or organization can take it away or devalue it. Whether it is real estate, cash, equity, bonds, or gold, no other asset in the market provides this level of assurance and security.
What we know about strong, well-defined property rights is that they are the foundation of human cooperation and economic activity. When the right to private property is enriched, so are the people. When we look at the countries in the world with the lowest ranking of property rights, we also find some key areas where Bitcoin is making its mark.