Nvidia CEO Says Cryptocurrencies Are Here To Stay

Nvidia is one of the leading companies in the manufacture of graphics processing units (GPUs). The company had success over the past few months, and even Goldman Sachs predicted a successful quarter for the upcoming months.

The focus when it comes to Nvidia presently, though, is not its success with selling GPUs for gaming – but the one with selling GPUs for cryptocurrency mining. In 2017, when the crypto market exploded, Nvidia became extremely lucrative and set up GPU-based mining for currencies like Ethereum, ZCash and others.

With the recent increase in prices for Ethereum, the ROI has shifted to six months and the demand for GPUs has been big, with a hefty premium when being sold by retailers. Even though GPUs have been selling good lately, Nvidia is not happy with their consumer products used by miners.

Previously this year, Nvidia tried to drop the prices and control the sales. The founder and CEO Jensen Huang spoke to Barron’s right after the earnings call. When asked about the future of cryptocurrencies, he said that it is a real part of their business. When asked about cryptocurrencies, Huang also said:

“Crypto is a real thing and it is not going away.”

He also said:

“This year, the world is starting to come to terms with the existence of crypto. It’s based on blockchain, and it’s very secure and very low overhead. I think there’s clearly real utility. It’s a real phenomenon, and so everyone is coming to terms with it. I’m not against the concept of virtual currency — it’s as real as virtual goods, and video games. And as you know, tens of millions of virtual goods are created and shared and sold in virtual reality, and people invest thousands of hours to create space ships in space that they battle against each other. So, the concept of virtual goods and virtual worlds and virtual currency all ties together.”

From all this, it is clear that Nvidia is going in the right direction about the demand for their GPUs on the market.

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