Veteran fund manager says Bitcoin looks like Google in 2017

Core Viewpoint - Bitcoin is increasingly being compared to high-beta tech stocks rather than being viewed as "digital gold," indicating a shift in perception among analysts [1][3]. Market Volatility - Bitcoin has faced significant volatility, particularly after reaching a peak near $126,000 in early October, followed by a sharp decline to around $92,617.58 due to macroeconomic factors, including President Trump's tariff announcement [2][3]. - The asset's current trading level is well below its monthly high, reinforcing the argument that it behaves like a high-beta macro asset [3]. Adoption and Valuation - Raoul Pal has drawn parallels between Bitcoin's growth trajectory and that of major tech firms like Google, suggesting that Bitcoin is in a similar adoption phase as Google was about a decade ago, with significant user-growth potential [4]. - Pal emphasizes that Bitcoin's valuation should be understood through a network-driven adoption model, akin to Metcalfe's Law, which highlights the importance of user growth in determining value [4].