The largest bank in the world, the Industrial and Commercial Bank of China (ICBC) calls Bitcoin digital gold and Ethereum digital oil. In a new report shared by VanEck’s Matthew Siegel, the ICBC praises the market’s two largest cryptocurrencies.

Strong demand for digital assets

The report also claims that demand for digital assets is strong and is pushing innovation in the sector. “Market demand is driving the continued iterations of digital coins,” the ICBC said.

In the report, the Chinese bank draws a comparison between Bitcoin and gold, while claiming that Bitcoin also has additional advantages.

“Bitcoin is comparable to gold in terms of scarcity by the mathematical consensus, while solving the problem of difficult divisibility, making Bitcoin easy to identify and easy to carry,” the ICBC said.

Gold is difficult to divide, difficult to check for authenticity and difficult to take with you. That’s what Bitcoin solves, according to the ICBC.

Ethereum is digital oil

By calling Ethereum “digital oil”, the bank praises various properties of the currency in the report.

Although the ICBC also highlights some of the network’s shortcomings, it believes that technological solutions are emerging.

“Ethereum has continued to upgrade its technology with regard to security, scalability and sustainability. This has laid the technical foundation for the digital future,” said the ICBC.

It also praises the possibility within Ethereum to write smart contracts, with which all kinds of applications can be invented.

Ethereum is currently trading at $3,500, while Bitcoin is trading at $67,346. This gives ETH a market cap of $422 billion, while BTC has a market cap of $1.327 trillion.

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