Ethereum Has Squashed One of the Key Arguments for Holding Bitcoin, According to Macro Guru Raoul Pal
Macro guru Raoul Pal says that contrary to conventional wisdom, Ethereum (ETH) has outperformed Bitcoin (BTC) during the latest crypto bear market.
In a recent interview with Layah Heilpern, the Real Vision CEO says that the leading smart contract platform has outpaced BTC during a time when the top crypto asset by market usually shines.
“One of the things that the Bitcoiners held was [that] in a bear market, Bitcoin is the only one that survives and everything else goes to zero.
Since the bear market, ETH has outperformed [BTC], and I’m not saying that as an ETH maxi, I’m not, I don’t give a s*** what currency works overtime, I literally don’t care… I really care about this whole space, but the point is ETH performed. That’s not the narrative.
The narrative is they all get exposed in a bear market, it’s all narrative and it’s simply not true. What is true? Is Bitcoin the most decentralized, strongest, most robust network? Yes. Is it the only answer to everything? Absolutely categorically no.”
Pal also has his eye on developments in the Web 3.0 space, something that he says will change every business model, along with BTC and ETH. The former Goldman Sachs executive says that technology such as social tokens can revolutionize how online content creators operate their businesses.
“The ability for [creators] to be rewarding fans with tokens and digital assets for your super fans and be able to engage with them on these platforms is going to drive the network bigger and more vibrant so now you’re working directly for your fans.
Right now, all you get is engagement. So [when] you look at your Twitter numbers, you look at YouTube numbers, that’s all you’re getting in exchange – you’re getting a share of the ad revenue from [them]…
But if you’re in charge of your own sovereign state, and you do it that way where you’ve got your own system of tokens, NFTs (non-fungible tokens) [that] you give people access to… that becomes Web 3.0 where the community owns a share of their community. They’re working with the influencer.”
Ethereum is changing hands at $3,068 at time of writing while Bitcoin is trading for $40,255.
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