Digital currencies like Bitcoin have revolutionized the financial world. Now, China’s Industrial and Commercial Bank of China (ICBC), the world’s largest bank, has praised the growth of these currencies.
Bitcoin’s Scarcity Like Gold
ICBC believes Bitcoin’s limited supply (21 million coins) is similar to gold’s scarcity. This comparison is based on Bitcoin’s mathematical design, which makes it difficult to split, verify, and carry.
The report says Bitcoin’s “monetary attributes are gradually weakening, while its asset attributes are constantly strengthening.”
Ethereum as “Digital Oil”
The report also discusses Ethereum, calling it “digital oil” due to its role in powering decentralized apps and smart contracts. Ethereum’s Turing completeness allows developers to create complex programs, supporting the growth of blockchain technology.
Ethereum’s versatility has made it popular in areas like NFTs, DeFi, and DePin (decentralized physical infrastructure network).
