Bitcoin price bounce: NVIDIA’s faith in crypto
This week bitcoin prices bounced at the trendline forged approximately one half year ago at the same time as NVIDIA signaled support for crypto. NVIDIA CEO Jensen Huang spoke to Jim Cramer on Mad Money TV, suggesting that cryptocurrency was “here to stay” regardless of the fact that it’s not one of the company’s main drivers – yet.
“The reason why cryptocurrency became such a big trend on top of our GPUs, is that our GPUs have the world’s largest install base of distributed supercomputing,” said Huang. “And Blockchain requires cryptography and the ability to have a public ledger that completely immutable, totally safe, and distributed all over the world. And our processor serves as the perfect processor to enable this supercomputing capability to be distributed. That’s the reason why it’s used.”
“Cryptocurrency just gave us that extra bit of juice that caused our GPUs to be in such great demand,” said Huang. “But I think over the long term, cryptocurrency will still be here. … The ability for the world to have a very low friction, low cost way of exchanging value is gonna be here for a long time. And blockchain is gonna be here for a long time. It’s gonna be a fundamental new way of computing.”
At the same time, today Bitcoin’s oversold conditions made for a rather ideal situation for bulls. According to CoinDesk’s pricing of bitcoins at the time this article is set to be published, it appeared as though pricing reached the same moving average it’s been clocked in on for the past half year. If the trendline shown in the chart below is indeed true, it’s time for a new jolt upward.
Keep your eyes on blockchain – not necessarily the value of the coins themselves, but in the technology that’ll run the computing of tomorrow. That’s what we’re here for, and that’s what we’re looking at in the long run.
As it is with all posts on Bitcoin, blockchain, and cryptocurrency, nothing on SlashGear should be considered financial or investment advice. Seek out those professionals who make it their primary aim to make you (and them) money if you want to cash in. Every action taken by the reader before, during, and after reading SlashGear is the responsibility of the reader alone.