World's Biggest Bank Praises BTC, ETH
Ripple Acquires Standard Custody & Trust, Shiba Inu Spot ETF Petition Sees Over 10k Signatures
The Industrial and Commercial Bank of China (ICBC) has reportedly called Ethereum 'Digital Oil' and Bitcoin 'Digital Gold', as shared by VanEck's digital assets head Matthew Siegel.
The report includes a claim that market demand drives the iteration of cryptocurrencies, and that Bitcoin's scarcity is similar to that of gold.
Ethereum is said to be 'gold' of the new age because of its tooling, and industry-defying features for applications like Turing completeness.
Their report also suggests that developers with continue to find Ethereum as the top system that supports sustainability, security, efficiency, and that it's worth pointing out its DePIN features.
VanEck's Sigel also noted that Chinese SOE banks "keep writing love letters" to Bitcoin and Ethereum.
The bank's report says stablecoins are bridging the real world and digital currency market gap, and that CBDCs can be beneficial in cross-border transactions and inclusion.
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