You wrote about the housing bubble, I wrote about cash money. You wrote about theoretical licenses, I wrote about that you practically own something.
Example: I buy a DVD, I can play the DVD as many times I want until it physically breaks. I some states it's also allowed by law to create a backup copy in case it breaks. And while you are allowed by law to do things, it's not possible with new paradigm like used in Win10, John Deer traktor or Tesla S car - so even if you are by law allowed to do things like sell your own stuff, you simply can't do that with such dongled stuff that also tracks you all the time as extra bonus.
And it's not about electronic cash per se, it's about centralized systems. I am unsure about Bitcoin but it sounds at least better than a system controlled by the state. Anyway cash money is still the way to go. It's like electronic voting, at the moment there is no realistic way to build a system that is secure and also don't record who voted what and making it easier to mass-manipulate votings - that's why still many states disallow electronic voting or reverted back to voting on paper. Of course many lobbyists from voting machine manufacturers would say the opposite.