People seem confused by this banal observation.

If it doesn't generate cashflow, it's not an investment.
If you have a use for it, it's a consumption good.
If you have no use for it but hold it to store value, it's money.
Houses are consumption goods treated as money https://twitter.com/saifedean/status/1291464647422418944

The reason people treat a consumption good like a house as money is that high time preference govt money is terrible at holding value for the long-term, so people have to make do.

It's not different to Venezuelans putting all their paycheck on groceries the day they receive it.

Under primitive govt monetary systems, a large percent of demand for houses, durable goods & financial assets is diverted demand for savings. Housing is overpriced everywhere because people demand it as a home & as a saving account.

Under a hard money, all demand for savings would just go to holding cash, which would hold value & probably even appreciate in the long run. All demand for housing would be demand for housing only, and not as a saving account. Houses would be cheaper in that world.

Same is true for financial markets & assets. Significant % of investors' worth is looking for saving & wealth preservation, not looking to take risks in search for a return. But since dumb fiat money can't provide hold value, they need to take risks with their entire wealth.

With hard money, wealth preservation is an easy default option available to anyone, no matter their financial sophistication. Anyone can hold a coin & preserve their wealth. Investment is only for when you can afford to take risks, not for everyone & not for all wealth.

Imagine if everyone from children to retirees could reliably store wealth for the future just by holding the coin in which they receive it, with minimal risk, regardless of financial education or market insight.

Everyone would be more financially secure & future-oriented.