Real Vision chief executive Raoul Pal is “taking a pulse” on the adoption of crypto assets by examining Google Search activity.
The former Goldman Sachs executive tells his 894,300 Twitter followers that Bitcoin (BTC) Google search activity is “treading water.”
[adinserter block="1"]“BTC as the base layer is less likely to see the rise in interest [at] this point in its adoption curve — more steady increases in adoption over time.”
Ethereum (ETH) search activity, by contrast, looks decently strong, according to Pal.
“ETH seems to be capturing the L1 element of the applications layer (sort of like the social token of the applications ecosystem).”
The Real Vision CEO says decentralized finance (DeFi) Google search activity has remained steady but isn’t growing at the moment.
“DeFi, considering the [total addressable market] of its application, is likely to see much more interest over time. We have only seen the first mini-wave. Wait until TradFi goes on blockchain for some real magic applications.”
Non-fungible token (NFT) search activity indicates the NFT sector is the “new breakaway” in terms of network adoption, Pal says.
The Real Vision CEO adds that Web 3.0 seems to have suddenly evolved into “the all-encompassing term for the digital asset space and its applications layer.”
“The true consumer applications layer (Web 3.0 and NFT’s) are getting the most new interest and is what is really going to scale to the billions, but split over millions of projects and areas (music, art, community, real estate, luxury goods, metaverse, etc.).”
Pal is still bullish on the crypto market overall.
“For those of you who care about macro too, I think we are getting really really close to a buy bonds, buy tech, buy crypto set up. More to come… watching closely but likely over [the] next 2 weeks. Meanwhile, patience…”
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