According to Jen-Hsun Huang — co-founder and CEO of graphics card maker Nvidia — the world is starting to come to terms with the existence of cryptocurrencies, and that these virtual currencies are here to stay.
In an interview with Barrons, Huang said that cryptocurrencies are “a real thing — it’s not going to go away.”
Huang went on to say:
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.
Cryptocurrency investors and players have been saying something along these lines for years. But Huang and his company are not involved in digital currency trading. In fact, he and other Nvidia executives admit that while demand from cryptocurrency mining machines has been steadily rising and now represents a “real part of our business,” the overall impact of that segment to Nvidia’s earning is still small compared to the contribution from data center operators and gamers.
Nvidia, together with computer processor maker AMD, saw their share prices rise along with cryptocurrency values. The microchips produced by both companies are core components in rigs for cryptocurrency mining, particularly Ethereum and certain other digital currencies. Over the past year, Nvidia’s share price has more than doubled, propelling the company’s market cap to $140 billion.
*Featured Image via Business Insider
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