ICBC and Bitcoin (BTC)
We didn’t arrive at a point where the world’s largest bank appreciates Bitcoin overnight. The struggles of giants like BlackRock and Fidelity for a BTC ETF and many other events paved the way for today. Let’s return to our topic. The bank particularly focuses on the rapid growth of a more digital economy while comparing Bitcoin to gold.
The institution made very logical comparisons by defining Bitcoin as gold and Ethereum as oil. As the fuel of the Web3 world, Ethereum, which will provide the blockchain-based infrastructure, already hosts most popular protocols today. More importantly, many rival networks are now striving to become EVM compatible. Most of its competitors are already just layer2 solutions connected to their main network.
VanEck’s head of digital asset research, Matthew Sigel, describes the letter written by the world’s largest bank as a love letter for BTC and ETH. He wrote exactly this and expressed his bank’s admiration for the two major crypto giants in this way.
