Bitcoin’s Grand Ball: A Most Peculiar Comparison to Google 🤔

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It is a truth universally acknowledged that a gentleman in possession of a cryptocurrency fortune must be in want of an analogy-and Mr. Raoul Pal, that most esteemed analyst, has obliged with one most curious. He declares the cryptocurrency industry to be in a state akin to “2017 Google” for Bitcoin, while Ethereum languishes in an even more tender stage of youth. 🎩

For those unacquainted with the ways of Google (or Alphabet, as it insists upon being called), by 2017 it had already established itself as the undisputed sovereign of search and digital advertising. Yet, its full dominion-over clouds, artificial intelligences, and other such modern marvels-was still but a distant dream. 🌥️

Mr. Pal, with all the confidence of a man who has never been wrong (or so he claims), suggests that Bitcoin in 2025 finds itself in a similar predicament: its network is robust, its adoption galloping forward at a most unseemly pace, and yet-alas!-its true potential remains tantalizingly out of reach. As for Ethereum, it is but a blushing debutante at this grand ball of finance, its charms yet to be fully appreciated by society. 💃

“A Duck, If Ever There Was One”

Mr. Pal, ever the keen observer, notes that Bitcoin and Ethereum conduct themselves in a manner most befitting networked platforms. Much like Google, Meta, or Amazon-those great titans of commerce-their worth derives not from mere coinage, but from the bustling interactions of their users. Indeed, if one were to encounter a creature that waddles like a duck and quacks like a duck, one might reasonably conclude it to be… well, a duck. 🦆

Metcalfe’s Law, that most vexing of mathematical principles, dictates that a network’s value grows in proportion to the square of its users-a notion so elegant, one might mistake it for poetry. Mr. Pal, ever the romantic, insists that the true measure of crypto’s worth lies not in vulgar profits, but in the noble pursuit of adoption. 📜

Bitcoin, that most stoic of assets, offers no dividends-no quarterly tributes to its loyal holders. Yet its network, like a well-bred lady’s reputation, grows ever more estimable with each new devotee who embraces it as money, a store of value, or (heaven forbid) collateral. 💎

As for those aforementioned corporate leviathans-Google, Meta, and Amazon-their fortunes too are woven from the threads of their vast networks. Google’s empire thrives upon advertisers, users, and data, while Meta’s dominion is built upon the gossiping masses of social media. Truly, it is the scale of the network, not the humdrum arithmetic of balance sheets, that elevates them to greatness. 👑

Mr. Pal concludes, with all the gravity of a man delivering the final line of a tragedy, that crypto fits this model “almost by definition.” To judge it by the dreary standards of cash flow is to mistake a grand opera for a penny whistle. And with that, he takes his leave-no doubt to ponder further analogies over a fine cup of tea. ☕

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2025-11-28 10:02