Industrial and Commercial Bank of China (ICBC) Describes Bitcoin (BTC) as a Superior Asset to Gold and Calls Ethereum 'Digital Oil”
- WBOYOriginal
- 2024-08-30 21:14:18881browse
In a recent report, the Industrial and Commercial Bank of China (ICBC), the largest bank in the world by assets, has described Bitcoin (BTC) as a superior asset to gold and called Ethereum as “digital oil.”
Industrial and Commercial Bank of China (ICBC), the world's largest bank by assets, has highlighted Bitcoin (BTC) and Ethereum (ETH) in a recent report, comparing them to gold and oil, respectively, in the digital asset realm.
In the report, ICBC underscores Bitcoin's qualities of scarcity and divisibility, which are similar to gold's properties. However, ICBC also notes that Bitcoin possesses additional advantages, including ease of transfer and verifiable authenticity through mathematical consensus.
The bank's statement marks a significant shift, with a major traditional financial institution acknowledging the value and potential of digital assets in the modern financial landscape.
ICBC also emphasizes Ethereum's role in the digital ecosystem, highlighting the blockchain's continuous technological upgrades to enhance security, scalability, and sustainability.
The bank describes Ethereum as “digital oil,” highlighting its importance in powering Web3 applications, smart contracts, and decentralized finance (DeFi). This role makes ETH a pivotal component in the future of digital transactions and innovations.
These statements reflect a growing trend among financial institutions to view cryptocurrencies not just as speculative assets, but as strategic resources integral to the future of finance and technology.
Institutions & Bitcoin, Ethereum capital inflow:
As we know that the United States Securities and Exchange Commission (SEC) green signaled several Ethereum & Bitcoin spot ETF applications.
Due to these crypto ETF products, capital inflow in the top two Crypto assets is very high.
On August 29, the Ethereum spot ETF saw a net outflow of $1.7714 million. Grayscale’s ETHE had an outflow of $5.3456 million, while Grayscale mini ETF ETH had an inflow of $3.5742 million. The total net asset value of the Ethereum spot ETF is $7.03 billion.
On August 29, Bitcoin spot ETFs had a net outflow of $71.7301 million. Grayscale’s GBTC saw an outflow of $22.6760 million, while Ark Invest and 21Shares’ ARKB had an inflow of $5.3363 million. The total net asset value of Bitcoin spot ETFs is now $54.362 billion.
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