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Speaking with Layah Heilpern, Macro guru and the Real Vision CEO Raoul Pal notes that Ethereum (ETH) has been outperforming Bitcoin (BTC) in the past months, quite contrary to conventional wisdom. Pal said:
“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.”
The recent developments in Web 3.0 space have caught Pal’s attention and along with BTC and ETH could change the crypto landscape. The former Goldman Sachs executive expects these new technologies, will revolutionize the online content industry.
“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.”
At time of writing, Bitcoin is moving hands at $40,971, while Ethereum is valued at $3,063, according to CoinMarketCap.