Real Vision Chief Executive Raoul Pal studied Google search activity to keep his finger on the pulse of the crypto market. The former Goldman Sachs executive told his 894,300 Twitter followers that the adoption rate of Bitcoin (BTC) is not as high as it was thought, but will increase over time. According to Pal, Ethereum (ETH) search activity appears to be quite strong, unlike BTC.
"Just taking the pulse of adoption of digital assets. Google search is always interesting... Here is Bitcoin (treading water):"
Raoul Pal says decentralized finance (DeFi) Google search activity has remained stable but is currently not growing.
"DeFi's implementation is likely to receive much more attention over time given the total addressable market. We've only seen the first mini-wave. For some magic applications, wait for TradFi to hit the blockchain."
Pal added that Web 3.0 seems to have suddenly evolved into "an all-encompassing term for the digital asset space and application layer." Stating that Web 3.0 and NFTs will host millions of new projects and areas, Pal seems very hopeful in the development of this area.
On the other hand, Pal, who still maintains the bullish expectation in the crypto market, claimed that it is really close to buying bonds, technology and crypto for those who care about macro. “More to come!” said the famous name urged investors to be patient.
According to Coinecko data; Bitcoin price hovered around $38,259 at the time of writing, while the 24-hour trading volume was $18,330,539,360. BTC price is up 1.4% in the last 24 hours. While there is a supply of 19 million BTC coins in circulation, there is a total supply of 21 million coins. FTX is currently the most active market for BTC trading.