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Raoul Pal Compares Bitcoin to 2017 Google, Sees Massive Network Growth Potential
Analyst Raoul Pal has drawn a striking comparison between the cryptocurrency market and the early days of tech giants like Google, suggesting that Bitcoin and Ethereum are still in the early stages of their growth cycles.
Bitcoin: The “2017 Google” of Crypto
According to Pal, Bitcoin in 2025 resembles Google in 2017. At that point, Google had already dominated search and digital advertising, yet its broader ecosystem potential—including cloud computing and artificial intelligence—was far from fully realized. Similarly, Bitcoin has established a strong network and accelerating adoption, but Pal believes the cryptocurrency’s full potential remains untapped.
Ethereum: Even Earlier in Its Lifecycle
When it comes to Ethereum, Pal sees it as being even earlier in its development. The network’s adoption and utility are less mature than Bitcoin, meaning the potential upside could be significantly larger. This positions Ethereum as a platform still in its formative growth phase, with wide room for innovation and network expansion.
Network Effects Drive Value
Pal emphasizes that crypto’s value is primarily driven by network adoption, not traditional cash flows or profits. Drawing a parallel with tech giants like Meta and Amazon, he explains that value emerges from the scale and interaction of users. As more people use Bitcoin or Ethereum—as money, a store of value, or collateral—the networks themselves become exponentially more valuable.
This principle aligns with Metcalfe’s Law, which states that the value of a network grows roughly with the square of the number of users. Just like tech platforms, the success of crypto hinges on user engagement rather than balance sheet metrics. Pal summarizes it simply: “If it looks like a duck, quacks like a duck, it is probably a duck.”
By framing Bitcoin and Ethereum as networked platforms, Raoul Pal underscores the transformative potential of crypto adoption. While traditional metrics like profits may offer limited insight, the scale and growth of user networks are central to understanding the long-term value of these digital assets.
