The largest bank in the world, the Industrial and Commercial Bank of China (ICBC), has recently dubbed Bitcoin (BTC) as “digital gold” and Ethereum (ETH) as “digital oil.”
According to a new report shared by Matthew Siegel, the head of digital assets at VanEck, the ICBC has lauded the top two cryptocurrencies based on market capitalization.
The report also highlights the strong market demand for digital assets, which is driving innovation in the industry.
“The continuous evolution of digital currencies is being fueled by market demand.”
Drawing parallels between Bitcoin and gold, the report also outlines the additional advantages that the crypto king offers.
“Bitcoin maintains scarcity similar to gold through mathematical consensus, addressing issues such as divisibility, authenticity verification, and portability. While its monetary properties are gradually diminishing, its asset attributes are continuously strengthening.”
Referring to Ethereum as “digital oil,” the report commends various features of the leading smart contract platform’s ecosystem. While acknowledging some weaknesses in the network, the ICBC believes that technological advancements will overcome these challenges in due course.
“Ethereum has been consistently enhancing its technology in terms of security, scalability, and sustainability, providing the technical foundation for the digital future…
Ethereum’s Turing completeness, facilitated by its unique programming language (Solidity) and virtual machine (EVM), enables developers to create and deploy a wide range of complex smart contracts and applications, offering robust support for blockchain technology. Its versatility has been well-received in the realms of 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 under the condition of correct guidance and ample resources, although it presents various practical challenges…
Moving forward, Ethereum developers will focus on striking a balance between sustainability, security, and efficiency.”
At the time of writing, Bitcoin is trading at $66,502, marking a 5% decline in the last 24 hours. Meanwhile, Ethereum is priced at $3,464, representing a decrease of over 6% for the day.
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