The fascination of the world’s largest corporations with cryptocurrencies has endured despite government prohibitions. Even in the face of China’s strict stance on crypto, the largest bank in the world has made bold statements in support of Bitcoin and Ethereum. Their comparisons were so profound that renowned ETF issuer VanEck likened it to a heartfelt love letter.
The Industrial and Commercial Bank of China (ICBC) stands out for its colossal total assets and market value. Established on January 1, 1984, in Beijing, this state bank boasts a workforce of over 405,000 employees. Stay updated with the latest technology news through NEWSLINKER.
Despite the Chinese government’s crackdown on Bitcoin mining, the autonomous region of Hong Kong has embraced cryptocurrencies. Surprisingly, Chinese banks have delved into bond issuance on the Ethereum network. While China seems to have distanced itself from the crypto sphere, practicalities tell a different story.
In their recent report, ICBC highlighted how Bitcoin mirrors the scarcity of Gold. They also pointed out that Bitcoin overcomes the logistical challenges of transporting physical Gold, establishing itself as a digital store of value.
The journey towards the world’s largest bank acknowledging Bitcoin didn’t happen overnight. The struggles of industry giants like BlackRock and Fidelity in pushing for a BTC ETF, coupled with various significant events, laid the groundwork for this momentous occasion. ICBC’s focus on the burgeoning digital economy is evident as they draw parallels between Bitcoin and Gold.
The bank’s astute comparisons define Bitcoin as Gold and Ethereum as Oil. Ethereum, as the backbone of the Web3 world, hosts the most popular protocols today and is set to provide blockchain-based infrastructure. The race to become EVM compatible has many rival networks vying for dominance, with most competitors serving as layer2 solutions connected to their primary networks.
Matthew Sigel, VanEck’s head of digital asset research, likened the world’s largest bank’s statements to a love letter dedicated to BTC and ETH. He commended the bank’s admiration for these two major crypto players in his remarks.
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Disclaimer: The information presented in this article is not intended as investment advice. Investors should be mindful of the high volatility and risk associated with cryptocurrencies and conduct their own research before making any investment decisions.