The world’s largest bank, the Industrial and Commercial Bank of China (ICBC), recently highlighted Bitcoin (BTC) and Ethereum (ETH) in a comprehensive report, recognizing their significance in the crypto market. Referring to BTC as “digital gold” and ETH as “digital oil,” ICBC emphasized the rapid growth of these leading cryptocurrencies.
Drawing a parallel between BTC and gold, the bank praised Bitcoin for addressing the challenges associated with the precious metal, such as divisibility, authenticity verification, and portability, while maintaining scarcity through mathematical consensus. Additionally, ICBC lauded Ethereum for its pivotal role in supporting Web3.0 innovations and the introduction of stablecoins, citing its continuous technological advancements in security, scalability, and sustainability.
Matthew Sigel, a digital asset research manager at VanEck, noted the positive stance of state-owned Chinese banks towards Bitcoin and Ethereum, echoing ICBC’s favorable outlook in their latest report. This information is shared for educational purposes only and does not constitute investment advice.
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