Owing a house is just a status thing and doesn't make great financial sense. For those who will be scandalized that I see it from this perspective, they should evaluate the cost of buying a house and then check what it would take to pay rent on that property and see how many years of rent that can get them to that amount. It normally runs into years that even the homeowner may not be alive to see. Now, consider putting that same amount of money into business and see how you will easily pay that same rent from the huge profits made. I'm not even talking about Bitcoin investment, but any well thoughtout business.
I partially agree with what you said. It's true that owning a house is just a status thing and only those who can easily afford it should go for it, however, I believe it depends on the region you are living in. There are countries and regions where owning a house would mean you should be a multi-millionaire because of the prices of housing and properties in that region. In some other regions, one can own a house even if they aren't ultra-rich but have a small business that is earning them good money.
When we talk about starting a business with the money that can be used to buy a house, the same thing applies again. In some countries or regions, you will barely be able to start a decent business with a small amount, and if you start a small-scale business, you might not be able to pay rent, bear all other expenses, and still be able to run the business smoothly due to the cost of living in that region.