I don't agree. REAL will be backed by Real estate properties and contract when you usually make gains with cryptos that are copycats, Useless or without any product for years...so why can't it do a x20 when there is a solid investment behind your tokens with a steady income? Then, number of tokens is really low and of the platform is a success, a lot of them will be locked in the platform. In my opinion it can skyrocket.
Forget about tokens for a moment and let's just focus on the real estate. Do you think it's likely the real estate investments will generate a 20x return?
Remember, the company itself is targeting 12% - 20% returns.
Let's say they do better than expected and achieve 40% annualized returns over 5 years. That's still only around a 3x.
You can't make a 20x holding the cryptos if the investment behind it only returns a 3x.
I can agree with you mathematically...but it's Crypto...I can't see a direct value relationship between an underlying real value and the token value in a market where 98% of Crypto aren't backed by nothing. That's why REAL future value will be based not only on Real estate profits but also on hype, sentiment or just the words "payouts to token holders". Let's see what happens in February.