Cryptocurrencies have caught the attention of some of the world’s biggest entities, even in the face of government bans. Despite China’s strict stance on crypto, the world’s largest bank has made bold statements in support of Bitcoin and Ethereum, drawing comparisons that have been likened to a love letter by popular ETF issuer VanEck.
The Industrial and Commercial Bank of China (ICBC), renowned for its massive total assets and market value, was established on January 1, 1984, in Beijing and boasts a workforce of over 405,000 employees. Despite the Chinese government’s crackdown on Bitcoin mining, the autonomous region of Hong Kong has embraced cryptocurrencies. Chinese banks have even dabbled in bond issuance on the Ethereum network, indicating that China is not entirely out of the crypto game.
In a recent report, ICBC emphasized that Bitcoin, like Gold, creates scarcity but has the advantage of being easily transportable, dubbing it as digital gold and solidifying its status as a store of value.
The journey to the world’s largest bank embracing Bitcoin has been a gradual one, with the efforts of industry giants like BlackRock and Fidelity in pushing for a BTC ETF playing a significant role. The bank’s focus on the growth of a digital economy has led to comparisons between Bitcoin and gold, while Ethereum has been likened to oil as the driving force behind the Web3 world.
VanEck’s head of digital asset research, Matthew Sigel, described the bank’s endorsement of BTC and ETH as a love letter, expressing the institution’s admiration for the two major crypto players.
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