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Raoul Pal: Google Trends Shows Something Very Interesting in Crypto
As Bitcoin trades around $37,700 and Ethereum trades for under $2,700, both of the top cryptocurrencies are down more than 15% in the past 7 days. It looks as if the bears are gaining control of the market, however, Raoul Pal, macro investor and CEO of Real Vision, offered a different perspective with a Tweetstorm for his followers.
Raoul started off the tweet by comparing Google Trends search results with the cryptocurrency market. For those who might not be familiar, Google Trends is a website by Google that shows the popularity of top search queries in Google Search across various regions and languages. Raoul tweeted;
Just taking the pulse of adoption of digital assets. Google search is always interesting…
Here is Bitcoin (treading water):
In the chart shown under the tweet, we can see that Bitcoin showed a peak interest of 100 sometime in December of 2017, which is when Bitcoin surged to 20k, which was unprecedented at the time. The chart then crashed and stayed relatively low (and stable) for 2 years, until spiking again in what looks close to spring of 2020. Since that big spike of interest on the chart, bitcoin has stayed about the 25 interest level mark, which we can suggest that Raoul is correlating to mass adoption.
In his second tweet, Raoul Pal showed Ethereum, which shows a similar spike in late 2020 but remains overall higher than Bitcoin for the remainder of the chart. This alludes to what Raoul has been saying for quite some time, which is that Ethereum is showing faster adoption than Bitcoin, due to its use-case, specifically with NFTs
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