Early Adoption and Network Effects
Macro investor Raoul Pal has shared his bullish perspective on Bitcoin and Ethereum, likening their current stage to that of Google back in 2017. According to Pal, Bitcoin is still in the early phase of its journey—far from mainstream saturation—and the value is mostly being driven by the accelerating power of network effects.
Just like Google wasn’t “fully grown” in 2017 but had already changed how the world interacts with information, Bitcoin is reshaping how we think about money and digital ownership—but it still has a long road of growth ahead.
Pal’s analogy serves as a reminder that investors may still be early in the adoption curve, despite a growing number of institutions and retail investors joining the crypto space.
Network Effects Fueling Crypto Value
Network effects refer to the phenomenon where a product or service becomes more valuable as more people use it. Pal emphasizes that Bitcoin and Ethereum are benefiting from this in real-time. As more developers build on these networks, and more users hold or interact with cryptocurrencies, the value of the ecosystem increases.
For Bitcoin, this translates into a broader global user base, stronger institutional involvement, and integration into traditional financial systems. Ethereum, with its vast number of applications in DeFi, NFTs, and beyond, is also riding this wave.
This network expansion mimics how tech companies like Google and Facebook grew—not linearly, but exponentially.
INSIGHT: Raoul Pal says Bitcoin is in its “2017 Google” phase, arguing $BTC and $ETH are still early in adoption and gain value mainly from accelerating network effects. pic.twitter.com/AsxDwAVIdO
— Cointelegraph (@Cointelegraph) November 28, 2025
Still Early: What This Means for Investors
Pal’s message is clear: Bitcoin and Ethereum are not late-stage assets. The crypto markets, though maturing, still offer early-stage growth opportunities. By comparing Bitcoin to Google in 2017, he’s signaling that much of the value—and potential upside—remains untapped.
This outlook encourages investors to consider the long-term trajectory of crypto assets, focusing not just on price speculation but on the broader adoption trends that will shape the future of finance.