The 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), recently applauded the evolution of Bitcoin and Ethereum. On a recently published reportthe lender praised cryptocurrencies for their importance in an ever-changing financial landscape.

Specifically, the bank compared Bitcoin to gold, while also highlighting its rapid growth in a more digitalized economy. Furthermore, he called Ethereum a “digital oil” while also referring to the ecosystem’s power to power a host of Web3 applications and programs across the growing market.

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ICBC Praises Bitcoin and Ethereum for Rapid Growth and Evolution

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

This apparently caught the attention of the world’s largest bank, ICBC, which recently applauded the evolution of 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 even called the report “a love letter” to BTC and ETH.

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

Source: Bitcoinista

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

Furthermore, they note that Ethereum has a similar benefit in that the asset “has continually updated its technology” in several areas. The report highlights security, scalability and sustainability as the most focused aspects that have produced impressive returns in terms of exposure and adoption.

Currently, these two tokens lead the entire market. Both received exchange-traded products this year and are expected to continue to grow. This type of reverence for its trajectory just shows how traditional institutions are starting to value this growth.

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