The Industrial and Commercial Bank of China (ICBC), known as the world’s largest bank, has reportedly dubbed Bitcoin (BTC) as “digital gold” and Ethereum (ETH) as “digital oil.”
According to a recent report shared by Matthew Siegel, head of digital assets at VanEck, the ICBC has lauded the top two cryptocurrencies based on market capitalization.
The report also highlights the strong market demand for digital assets, which is driving innovation in the industry.
“The continuous evolution of digital currencies is being fueled by market demand.”
Drawing parallels between Bitcoin and gold, the report praises the crypto king for its additional benefits.
“Bitcoin maintains scarcity similar to gold through mathematical consensus, while addressing issues such as divisibility, authenticity verification, and portability. Its monetary characteristics are gradually weakening, while its asset attributes are continuously strengthening.”
Describing Ethereum as “digital oil,” the report commends various features of the top smart contract platform’s ecosystem. While acknowledging some weaknesses in the network, the ICBC believes that technological advancements will eventually overcome them.
“Ethereum has been consistently enhancing its capabilities in terms of security, scalability, and sustainability, providing the technical foundation for the digital future…
By introducing Turing completeness through its unique programming language (Solidity) and virtual machine (EVM), Ethereum enables developers to create and manage a wide range of complex smart contracts and applications, offering robust support for blockchain technology. Its versatility has been widely acknowledged in the realms of decentralized finance (DeFi) and non-fungible tokens (NFT), and is gradually expanding to the physical infrastructure network (DePin).
Essentially, Ethereum’s Turing completeness allows it to execute any programming instructions given correct guidance and sufficient resources, but it also presents several practical challenges…
Looking ahead, Ethereum developers will continue to strive for a balance between sustainability, security, and efficiency.”
At the time of writing, Bitcoin is trading at $66,502, reflecting a 5% decrease in the last 24 hours. Meanwhile, Ethereum is priced at $3,464, showing a decline of over 6% on the day.
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Disclaimer: The views expressed on The Daily Hodl do not constitute investment advice. Investors should conduct their own research before engaging in high-risk investments involving Bitcoin, cryptocurrency, or digital assets. It is important to understand that all transfers and trades are undertaken at the individual’s own risk, and any resulting losses are the individual’s responsibility. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets, nor does it provide investment advice. Please be aware that The Daily Hodl participates in affiliate marketing.
