Nvidias participation in the cryptocurrency industry is paying big dividends. In effect, fueled by Bitcoins impressive surge, Nvidia stock price continues to soar. Bitcoin and Other Cryptocurrencies Are Here to Stay On October 10, 2017, Nvidias stock value reached an all-time high: $192.92 USD per share. In parallel, Bitcoins value soared to $4,800 USD per coin. This bullish drive demonstrates that Nvidia continues to profit from producing devices used in cryptocurrency mining, artificial intelligence, driverless
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Nvidia’s participation in the cryptocurrency industry is paying big dividends. In effect, fueled by Bitcoin’s impressive surge, Nvidia stock price continues to soar.
Bitcoin and Other Cryptocurrencies Are Here to Stay
Jensen Huang, CEO of Nvidia.
On October 10, 2017, Nvidia’s stock value reached an all-time high: $192.92 USD per share. In parallel, Bitcoin’s value soared to $4,800 USD per coin. This bullish drive demonstrates that Nvidia continues to profit from producing devices used in cryptocurrency mining, artificial intelligence, driverless cars, IoT, robots, and other Fourth Industrial Revolution innovations.
Regarding cryptocurrency mining, early this year Nvidia announced the launching of graphics cards designed for Bitcoin and Ethereum mining. As a result, the stock price has increased spectacularly, outperforming the market year to date.
In August 2017, Fortune reported that cryptocurrency mining devices had caused Nvidia’s sales to rise 52% to $1.2 USD billion.
Jensen Huang, CEO of Nvidia, has shown continuous faith and optimism in cryptocurrencies. In an August 2017 article in Marketwatch, Huang declared:
Crypto is here to stay, and the market will grow to be quite large. It’s not likely to go away anytime soon. There will be more currencies to come; they will come from different nations. We stay very close to the market, and understand the dynamics very well.
Is Bitcoin Influencing the Financial Markets?
According to some analysts, Nvidia’s close relationship with Bitcoin is reaching such an extent that it might become counterproductive for Nvidia’s future stock value. The same sentiment applies to chipmaker AMD.
In this regard, TD Ameritrade chief market strategist, Joe Kinahan recently told Fortune:
AMD and competitor Nvidia were vulnerable if the price of cryptocurrencies like Bitcoin and Ethereum dropped because it could depress demand for the graphics cards made by the two companies that are often used to mine them.
Experts agree that Bitcoin is not only influencing the technology sector but various other areas of the financial markets as well. For example, according to the Wall Street Journal:
The market for cryptocurrencies – digital tokens used to transfer money between individuals’ computers with minimal fees – has grown in stature in recent years and is increasingly entwined with broader financial markets as well, a trend that is likely to continue. Bitcoin is now traded by some of the institutional investors around which bond and stock markets revolve.
Cryptocurrencies and Nvidia’s products are emblematic technologies of the Fourth Industrial Revolution. Latest market moves indicate that their destinies are advantageously intertwined.
What are your thoughts about the relationship between Bitcoin and Nvidia? Let us know in the comments below!
Images courtesy of Sunguard and Pixabay
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