The largest bank in the world, the Industrial and Commercial Bank of China (ICBC), has reportedly dubbed Bitcoin as “digital gold” and Ethereum as “digital oil.”
According to a recent report shared by Matthew Siegel, the head of digital assets at VanEck, the ICBC is singing the praises of the top two cryptocurrencies based on market capitalization.
The report also notes that there is a strong market demand for digital assets, driving innovation in the industry.
“The continuous evolution of digital currencies is propelled by market demand.”
Drawing parallels between Bitcoin and gold, the report highlights the added advantages of the crypto king.
“Bitcoin maintains scarcity similar to gold through mathematical consensus, while addressing issues such as divisibility, authenticity verification, and portability. Its monetary characteristics are gradually diminishing, while its asset attributes are continually strengthening.”
By referring to Ethereum as “digital oil,” the report lauds various aspects of the leading smart contract platform’s ecosystem. While acknowledging some weaknesses in the network, the ICBC believes that technological advancements will overcome them over time.
“Ethereum has been consistently enhancing its technology in terms of security, scalability, and sustainability, providing the technical foundation for the digital future…
Ethereum introduces Turing completeness with its unique programming language (Solidity) and virtual machine (EVM), enabling developers to create a variety of complex smart contracts and applications, offering robust support for blockchain technology. Its versatility has gained recognition in 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 adequate resources, but it also presents several practical challenges…
Looking ahead, Ethereum developers will continue to strive for the optimal balance between sustainability, security, and efficiency.”
At the time of writing, Bitcoin is trading at $66,502, a 5% decrease in the past 24 hours. Meanwhile, Ethereum is trading at $3,464, down more than 6% on the day.
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