The world’s largest bank, the Industrial and Commercial Bank of China (ICBC), recently praised the evolution of Bitcoin and Ethereum in a published report. The bank compared Bitcoin to gold, highlighting its rapid growth in a more digitized economy. Additionally, ICBC referred to Ethereum as “digital oil,” recognizing its potential to power a variety of Web3 applications and programs.
The digital asset market has been a significant part of 2024 so far, with two crypto-based spot ETFs approved by the US Securities and Exchange Commission (SEC). ICBC’s report emphasized the importance and impressive nature of Bitcoin and Ethereum, with VanEck’s head of digital asset research calling it a “love letter” to BTC and ETH.
Bitcoin and Ethereum have surged to all-time highs in 2024, dominating the investment sector. The report noted Bitcoin’s scarcity similar to gold and Ethereum’s potential to power applications across Web3. Market demand is driving the value of both assets, with Bitcoin consistently strengthening as an asset and Ethereum continuously upgrading its technology in areas like security, scalability, and sustainability.
Both tokens are leading the market and have received exchange-traded products this year. The growing reverence for their trajectory indicates that mainstream institutions are recognizing and valuing their growth.