China's Biggest Bank Likens Bitcoin to Gold, Ether to Digital Oil
CryptoNewsTerminal Staff10 Jun, 2024
China's Biggest Bank Likens Bitcoin to Gold, Ether to Digital Oil
ICBC, China's largest bank, has compared Bitcoin's scarcity to gold and Ether to digital oil in a recent research report. They believe that Bitcoin has overcome divisibility, authenticity, and portability issues, solidifying its asset status despite waning monetary attributes. Meanwhile, Ether is seen as the "digital oil" powering Web3 applications. ICBC also highlights stablecoins as crucial bridges between digital currencies and the real world, facilitating transactions and value storage. The report suggests that Bitcoin's scarcity makes it a valuable asset, while Ether's utility as a technical force drives its importance in the digital ecosystem.
