ICBC, the Largest Bank, Identifies Bitcoin as Digital Gold and Ethereum as ‘Digital Oil’
ICBC, the world’s largest bank with $6.6 trillion in assets, recently likened bitcoin to digital gold and Ethereum to “digital oil” in an equity research report released on June 6.
The report delves into the macroeconomic dynamics of the digital asset landscape, highlighting bitcoin’s scarcity akin to gold and Ethereum’s technological advancements, particularly in security, scalability, and sustainability. The analysts at ICBC noted bitcoin’s asset attributes strengthening over time while Ethereum’s pivotal role in the digital economy, especially with the rise of stablecoins bridging the gap between digital and real-world assets.
Ethereum’s innovations in smart contracts and applications, powered by its programming language (Solidity) and virtual machine (EVM), position it as a key player in the future digital infrastructure, driving progress in various sectors like decentralized finance (defi) and non-fungible tokens (NFTs).
Clever Robot News Desk 14th June 2024
