The Industrial and Commercial Bank of China (ICBC), the world's largest bank, included the largest cryptocurrencies Bitcoin and Ethereum in a recent report.
Defining BTC as “digital gold” and ETH as “digital oil”, ICBC pointed out how fast cryptocurrencies such as Bitcoin and Ethereum are growing.
Comparing BTC with gold, the giant bank said, “Bitcoin solves the problems of gold being difficult to divide, difficult to determine its authenticity, and inconvenient to transport, while also maintaining gold-like scarcity through mathematical consensus.”
Afterwards, ICBC described Ethereum as digital oil. Arguing that ETH has an important role in providing strong support for many Web3.0 innovations, including the launch of stablecoins, the bank stated the following in the report:
“Ethereum is providing the technical power for the digital future by constantly improving its technology in terms of security, scalability and sustainability.
Additionally, the launch and development of stablecoins provides a bridge for connecting the digital currency market to the real world.”
“State-owned banks in China continue to speak highly of Bitcoin and Ethereum,” said VanEck digital asset research manager Matthew Sigel regarding ICBC's latest report on Bitcoin and Ethereum. said.
*This is not investment advice.