The world’s largest bank, the Industrial and Commercial Bank of China (ICBC), recently classified Bitcoin (BTC) as “digital gold” and Ethereum (ETH) as “digital oil” in a report that is attracting attention across the world. cryptocurrency sector. This document is an analysis of the two leading cryptocurrencies by market cap and offers a promising perspective on the growing demand for digital assets.

According to Matthew Siegel, head of digital assets at VanEck, who shared insights from the report, ICBC is optimistic about the future of cryptocurrencies. The comparison of Bitcoin to gold is not just symbolic, as the report details the characteristics they both share, such as scarcity. “Bitcoin maintains scarcity similar to gold through mathematical consensus, while solving its problem of being difficult to divide, difficult to identify authenticity and inconvenient to transport. Its monetary attributes are gradually weakening, while its asset attributes are constantly strengthening.”

The report not only sheds light on Bitcoin but also extols the unique qualities of Ethereum, labeled as “digital oil”. ICBC admires Ethereum’s continued improvement in areas such as security, scalability and sustainability, which are fundamental to future technological adoption and development. “Ethereum has continually upgraded its technology in terms of security, scalability and sustainability, providing technical power for the digital future…”

Additionally, the report highlights Ethereum’s ability to support a diverse range of applications due to its Solidity programming language and the Ethereum Virtual Machine (EVM). This has enabled robust support for innovations in decentralized finance (DeFi) and non-fungible tokens (NFTs), expanding their use to even include digitized physical infrastructure.


The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.


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