$7 T bank ICBC says Bitcoin Better Than Gold, Ethereum is Digital Oil
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.”
The ICBC’s comparison highlights Bitcoin’s qualities of scarcity and divisibility, akin to gold, but with the added benefits of ease of transfer and verifiable authenticity through mathematical consensus. This acknowledgment marks a significant shift, as a major traditional financial institution recognizes the value and potential of digital in the modern financial landscape.
Furthermore, the ICBC report emphasised Ethereum blockchain’s role in the digital ecosystem, pointing out its continuous technological upgrades that enhance security, scalability, and sustainability.
This bank described Ethereum “digital oil,” the bank underscores its importance in powering Web3 applications, smart contracts, and decentralised finance (DeFi), making it 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 signalled several Ethereum & Bitcoin spot ETF applications.
Because of these crypto ETF products, inflow of money 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 the 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.
