NVIDIA CEO Says Cryptocurrencies Aren't Going Nowhere
Jen-Hsun Huang, the CEO of NVIDIA, says that the cryptocurrency market does not have a great impact on the company's revenue and that ultimately, it only means demand.
Cryptocurrencies are here to stay and it is a very lucrative market, despite the fact that many believe that they are a bubble and that their value is zero. Not understanding this can lead to problems and misunderstandings. Jen-Hsun Huang, the CEO of NVIDIA, is well aware that cryptocurrencies are here to stay and that benefits him, because his products sell very well for coin mining. Huang has said in the conference of his accounts, that the 'crypto is a reality, it is not going to disappear'. He also highlighted that the demand for this market has exceeded expectations, although it is still a relatively small segment.
During the conference he commented that 'clearly, there is a lot of talk about cryptocurrencies. We have been talking for weeks about the increase in requests from large cryptocurrency mining farms and it was even said that NVIDIA had asked retailers to only sell two GPUs per customer. The truth is that demand has risen a lot, something that has meant that 'cryptocurrencies have been a real part of our business in the last quarter, although small, in general'.
Furthermore, Huang has highlighted that there is a 'clearly real utility' with blockchain technology. He wanted to highlight that he sees the cryptocurrency market, as real as the virtual reality or gaming market can be. About this he said:
'And as you know, tens of millions of virtual goods are created, shared and sold in virtual reality, and people spend thousands of hours creating special ships in space that they fight against each other. So the concept of virtual goods, virtual worlds and virtual currencies, share ties'
Huang does not consider the market to be that important, in addition, he stressed that "for us, everything is just GPU demand." It seems to make it clear that it does not matter who buys the graphics cards, the only interest is in selling products and who buys, is really irrelevant.
Roberto, correct me if I'm wrong, but what I understood of the conference was not this precisely ... What I took from the conference is that what is meant is that mining them does not involve them considerable increase in revenue ... that all that means is they end the stock of their products much earlier than before. In fact, he said that they have always produced their maximum production capacity, and now when you are assessing the increase that production.