The Industrial and Commercial Bank of China (ICBC), recognized as the largest bank globally, recently highlighted the significance of the leading cryptocurrencies, Bitcoin and Ethereum, in a new report.
Referring to BTC as “digital gold” and ETH as “digital oil”, ICBC emphasized the rapid growth of cryptocurrencies like Bitcoin and Ethereum. Drawing a comparison between BTC and gold, the bank stated that “Bitcoin addresses the challenges associated with gold such as divisibility, authenticity verification, and transport convenience, while also maintaining scarcity akin to gold through mathematical consensus.”
Furthermore, ICBC depicted Ethereum as digital oil, underscoring ETH’s crucial role in supporting various Web3.0 innovations, including stablecoin launches. The bank’s report highlighted Ethereum’s continuous technological advancements in terms of security, scalability, and sustainability, stating that “Ethereum is driving the digital future by enhancing its technology and serving as a bridge between the digital currency market and the real world.”
Matthew Sigel, a digital asset research manager at VanEck, commented on ICBC’s positive stance towards Bitcoin and Ethereum, noting that “State-owned banks in China continue to endorse Bitcoin and Ethereum.”
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