In an interview with CNBC’s Mad Money host, Jim Cramer on myriad of aspects, Nvidia founder, President and CEO Jensen Huang claimed that cryptocurrency is going nowhere any time soon.
Cryptocurrency will be here. The ability for the world to have a very low-friction, low-cost way of exchanging value is going to be here for a long time,
– Huang told CNBC on Thursday.
Nvidia’s stock has fallen under pressure following the chipmaker’s ties to cryptocurrency mining but the company’s founder is adamant that the crypto craze will not end anytime soon. Huang’s company has been producing high-powered graphics processing units commonly known as GPUs. For months, Nvidia rode on the crypto mining craze to drive up its sales before the Wall Street analysts soured on the volatile trend.
Huang told Cramer,
Blockchain’s going to be here for a long time and it’s going to be a fundamental new form of computing, I expect blockchain, I expect cryptocurrency to be an important driver for GPUs,
Cryptocurrency Has Contributed to Nvidia’s Phenomenal Growth
Huang was categorical that Nvidia’s processors were the perfect vessels for employing the capacities required for crypto mining. He said that the reason cryptocurrencies became popular together with Nvidia’s GPUs is because their GPUs are the largest in the world and are installed for supercomputing.
According to Huang, blockchain needs cryptography and the ability to have public ledger that is completely immutable, perfectly safe and distributed all over the world. Nvidia’s processors are preferred by majority of crypto and blockchain enthusiasts as they enable supercomputing capability to be distributed.
Huang emphasized that although the majority of people are predicting the end of crypto craze, Nvidia’s growth will certainly be influenced by the development and growth of blockchain technology. The CEO said that video game business is the next big thing in blockchain technology and his company is pumping more resources into exploring more opportunities.
Huang joins a number of market experts who have said that cryptocurrency and blockchain is here to stay. In the recent past following huge dips in Bitcoin and other coins, many people have predicted the end of the crypto craze.
The fall of Bitcoin from its highs of $19,000 late last year to about $7,000 has sent shockwaves through the crypto world, with some already predicting doom for the future. However, experienced experts like Huang and Tom Lee have said that the best of crypto is yet to come.
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What’s your take on Huang’s claims that cryptocurrency is here to stay? Is Huang right to claim that Nvidia’s future will highly be fuelled by the growth and development of blockchain technology? Share with us in the comments section.