Love Letter to Bitcoin and Ethereum from the World's Largest Bank!

Industrial and Commercial Bank of China (ICBC), the world's largest bank, published a report on cryptocurrencies.

ICBC's report examined how fast cryptocurrencies such as Bitcoin and Ethereum are growing.

It's like a love letter

Matthew Sigel, director of digital asset research at VanEck, said that state-owned banks in China “continue to write love letters to Bitcoin and Ethereum.”

The ICBC report stated that Bitcoin is similar to gold in terms of supply scarcity. In addition, Ethereum was defined as "digital oil".

It was written that Bitcoin's features as a currency were lost, but its status as an "asset" was strengthened. It was stated that Ethereum provides "technical power for a digital future".

Despite its high potential, Ethereum still has some shortcomings in the areas of scalability and security.

Importance of stablecoins

The importance of stablecoins was also emphasized in the report of the world's largest bank. It was stated that stablecoins act as a bridge between the real world and the digital money market.

Stablecoins, whose value is generally pegged to fiat currencies such as the US dollar, offer stability in the volatile world of cryptocurrencies. According to ICBC, this makes stablecoins an important tool for daily financial activities.