June 24, 2024

World’s Largest Bank Calls Bitcoin Gold and Ethereum ‘Digital Oil’

In what is certainly a positive note for the entire industry, the world’s largest bank, the Industrial and Commercial Bank of China (ICBC), has recently applauded the evolution of both Bitcoin and Ethereum. In a recently published report, the lender praised cryptocurrencies for their importance in an ever-shifting financial landscape.

Specifically, the bank compared Bitcoin to gold while highlighting its rapid growth in a more digitized economy. Additionally, it called Ethereum “digital oil” while referencing the power of the ecosystem to power a host of Web3 applications and programs throughout the growing marketplace.

Also Read: BTC: Bitcoin Could Hit $100,000 in the Next 10 Days, Says Analyst

ICBC Praises Bitcoin and Ethereum for Rapid Growth and Evolution

There is no denying that the digital asset market has been a massive part of 2024 so far. With the midpoint fast approaching, there have already been two crypto-based spot ETFs approved by the US Securities and Exchange Commission (SEC). Moreover, the prominence of the asset class has surged in recent months.

That has seemingly caught the attention of the world’s largest bank, ICBC, which has recently applauded the evolution of both Bitcoin and Ethereum. Specifically, the world’s leading lender published a report that highlighted what makes these tokens so important and impressive. VanEck head of digital asset research Matthew Sigel went as far as to call the report “a love letter” to BTC and ETH.

The bank compared Bitcoin to gold, noting that the toke “retains a scarcity similar” to the metal. Throughout 2024, both gold and BTC have surged to all-time highs as they have dominated the investment sector.

Ethereum Whales Selling Like There is No Tomorrow: ReportEthereum Whales Selling Like There is No Tomorrow: Report
Source: Bitcoinist

Also Read: Cryptocurrency: 3 Coins To Buy Now Before Ethereum Hits $5,000

Alternatively, they noted Ethereum is “digital oil” in its potential to power applications across Web 3. The bank highlighted how these two assets are growing and evolving to be better used within the market. Specifically, they reference market demand as leading BTC value as an asset to “consistently” strengthen.

Moreover, they note Ethereum has a similar benefit, in that the asset “has been continually upgrading its technology” in varying areas. The report highlights security, scalability, and sustainability, as the most focused aspects that have yielded impressive returns as far as exposure and adoption.

These two tokens are currently leading the entire market. They have both received exchange-traded products this year and should continue to grow. This kind of reverence for their trajectory only showcases how mainstream institutions are beginning to value that growth.

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