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Wednesday, June 12, 2024
HomeCryptoThe world's largest bank praises Bitcoin and Ethereum

The world’s largest bank praises Bitcoin and Ethereum

Specifically, the bank compared Bitcoin to gold while emphasizing its rapid growth in a more digital economy. Additionally, it referred to Ethereum as “digital oil” while also mentioning the ecosystem’s power in powering a wide range of Web3 applications and programs across the growing market.

ICBC praises Bitcoin and Ethereum for their rapid growth and development

There’s no denying that the digital asset market is by far an important part of 2024. With the midpoint fast approaching, there are already two crypto-based spot ETFs approved by the Securities and Exchange Commission. and US Exchange (SEC) approval. Furthermore, the prominence of this asset class has increased in recent months.

That appears to have caught the attention of the world’s largest bank, ICBC, which recently welcomed the growth of both Bitcoin and Ethereum. Specifically, the world’s leading lending institution published a report highlighting what makes these tokens so important and impressive. VanEck’s head of digital asset research, Matthew Sigel, even called the report “a love letter” to BTC and ETH.

The bank compared Bitcoin to gold, noting that the token “has similar scarcity” as the metal. Throughout 2024, both gold and BTC rose to all-time highs as they dominated the investment landscape.

Additionally, they note Ethereum as the “digital oil” that has the potential to power Web 3 applications. The bank highlights how these two assets are growing and evolving to be better utilized. on the market. Specifically, they see market demand as leading BTC value as an asset that needs “consistent” strengthening.

Furthermore, they note that Ethereum has similar benefits, in that the asset “has continuously upgraded its technology” in different areas. The report highlights security, scalability and sustainability as the most focused aspects that have delivered impressive gains in exposure and adoption.

These two tokens are currently leading the entire market. Both have received trade-ins this year and will continue to grow. This kind of respect for the trajectory just shows how mainstream organizations are starting to take that growth seriously.

Mark Tyson
Mark Tyson
Freelance News Writer. Always interested in the way in which technology can change people's lives, and that is why I also advise individuals and companies when it comes to adopting all the advances in Apple devices and services.


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