Raoul Pal - Get Ready For Bitcoin And Ethereum - Aug 4, 2021

Raoul Pal - Get Ready For Bitcoin And Ethereum - Aug 4, 2021

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In this video, Raoul Pal compares the growth rate of Bitcoin with that of past technological inventions.

Here is the highlight of the content:

According to the exponential age thesis, in the next 5 to 10 years, we'll go through the fastest period of technological growth and adoption in recorded human history. And nobody is prepared for it because humans, as simple creatures, think in linear terms. We can't understand exponential reality because it doesn't suit our brains.

The internet witnessed the fastest period of growth between 1990 and 2000 as it grew exponentially at 63% a year. So, its adoption was faster than the mobile phone that came before it. These are network businesses. But crypto is growing at 113% a year, having the same number of users that the internet had in 1997.

Now, the crypto world has 114 million users, which is projected to reach a billion users by 2024 and 3.5 billion by 2027. And this is extraordinary.

The adoption is a network of money and all of finance. Also, it is a network of value that sits above the internet that connects all of the digital worlds in a way that the value is transferable, storable, ownable, and recordable. Bitcoin is a big breakthrough because the developers have created a unique business model.

Metcalfe's Law says that you value a network according to the number of users and the kind of interconnectedness they have with each other. The mobile phone industry achieved this feat because it was able to connect all Of the mobile phone networks in the world. Also, Facebook, Google, Twitter started using behavioral economics, combined with data and creating a network of people that were incentivized to post more, share more, and do things more.

Bitcoin came in 2008 with all behavioral incentives aligned, where everybody is incentivized to grow the network. This is why it grows very fast. Social tokens such as NFTs and DeFi came from Ethereum. Things are now growing exponentially. AI is going mainstream exponentially. Robotics, autonomous vehicles, 5G technology, WiFi, etc, are all growing exponentially. And they are all connected and driven by networks.

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