I think you are bang on saying "overvalued" is a relative term. Being from Canada we have very similar high housing values popping up in places like Toronto and Vancouver, i.e. what you get for your money is fairly sparse. However this is one of the first times we have thought of Cryptos in a similar "overvalued" sense. There is likely much problem with the debt loads that North Americans tend to carry in terms of the economics than property or stocks or cryptos being severely overvalued.