Jen-Hsun Huang, chief executive officer of Nvidia has commented that Cryptocurrencies are here to stay. He said that during an interview with Barron’s on February the 9th. Nvidia has explained that they have seen their profits increased the last quarter of 2017, the market segment for miners remains small though.
Cryptocurrencies Will Stay Among Us – Nvidia CEO
Cryptocurrencies are calling the attention of important enterprises, governments, individuals and investors. Several times individuals have predicted that cryptocurrencies were going to end soon, but this did not happen. At least, the CEO of Nvidia believes that cryptocurrencies are a ‘real think’ and that they are ‘not going to go away.’
Indeed, the cryptocurrency market increased Nvidia’s sales but they are not an important part of Nvidia’s sales strategy. The overall part of this market remains small. Huang has also explained that cryptocurrencies have a ‘real utility’ and it is not just speculation. He remarked that Blockchain technology is very secure and low overhead.
During the interview, Jen-Hsun Huang explained:
“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.”
In other words, Huang believes that cryptocurrencies will not go anywhere. They will not disappear. They will stay among us during a long period of time. The technology behind them has proved to be very useful. Governments are starting to think about cryptocurrencies and the market keeps growing.
The cryptocurrency world has received a lot of support from different companies and influential individuals. Several banks are using them in order to reduce transactional costs. Enterprises are paying suppliers with Ether or Litecoin.
Some days ago, Mario Draghi, European Central Bank President, said that some financial institutions (banks) are thinking about holding positions in Bitcoin. The potential growing that the cryptocurrency market has is important. Several experts have predicted that Bitcoin will reach $50,000 dollars during 2018.
Mike Novogratz has also decided to invest in cryptocurrencies. He wants to create a cryptocurrency and a cryptocurrency hedge fund. Michael Novogratz has also commented that he has 30% of his worth invested in the cryptocurrency market.
Clearly, the technology is here to stay and cryptocurrencies will change the way in which most of us live. It is just a matter of time to see how the world will be shaped by these cryptocurrencies.
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