The Industrial and Commercial Bank of China (ICBC) included Bitcoin and Ethereum, the world's largest cryptocurrencies, in a recent report.
ICBC described Bitcoin as "digital gold" and Ethereum as "digital oil", drawing attention to how fast these cryptocurrencies are growing.
Comparing Bitcoin to gold, the bank said, “Bitcoin solves problems such as gold being difficult to split, difficult to determine its authenticity, and difficulties in transporting, while maintaining scarcity like gold through mathematical consensus.”
ICBC defined Ethereum as digital oil, stating that Ethereum provides strong support for many Web3.0 innovations, including the launch of stablecoins, and stated the following in the report:
“Ethereum is providing the technical strength for the digital future by constantly improving its technology in terms of security, scalability and sustainability. Additionally, the launch and development of stablecoins creates a bridge for connecting the digital currency market to the real world.”
Regarding ICBC's latest report on Bitcoin and Ethereum, VanEck digital asset research manager Matthew Sigel said, "State-owned banks in China continue to speak highly of Bitcoin and Ethereum."
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I EXPLAIN IN DETAIL.
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