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The Industrial and Commercial Bank of China (ICBC) acknowledged the development of Ethereum and Bitcoin in a recently published report where it described Bitcoin as gold and Ethereum as “digital oil”.
According to the bank, such cryptocurrencies are very important in today’s world of finance.
The comparison of Bitcoin to gold is used to bring out its scarcity which has led to its rapid growth which reflects the increase in gold prices. On the other hand, “digital oil” means that Ethereum can be used as fuel for different Web3 applications hence its significance in the market.
ICBC’s gesture cannot go unnoticed despite being dwarfed by the recent approval of two crypto based spot ETFs by US Securities and Exchange Commission (SEC) and the general rise of digital assets.
It is worth noting that this move comes at a time when more people are venturing into investments related to these coins following a “love letter” report published by VanEck’s head of digital asset research about BTC and ETH reaffirming their growing importance as well as adoption in areas like investment.
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Market demand has always been a strong support for Bitcoin value growth just as it is with gold thus ICBC believes that there are no signs showing otherwise .
Likewise, continuous improvements on security, scalability sustainability among others have kept Ethereum relevant which has made them gain more popularity thereby becoming one among top assets traded globally.
The recognition given by institutions such as ICBC through products like ETFs marks another level of acceptance towards these two currencies where people’s attention shifts coupled by introduction into different platforms for trading – thus signifying wider market coverage and potential increase in future value according to statements released by various exchange centres.