Blockchain and cryptocurrencies will play an important part in shaping the future of business, and these technologies are not going anywhere, according to Jensen Huang, founder and CEO of chipmaking giant Nvidia.
Huang told "Mad Money" host Jim Cramer on CNBC:
"Cryptocurrency will be here. The ability for the world to have a very low-friction, low-cost way of exchanging value is going to be here for a long time.”
"Blockchain's going to be here for a long time and it's going to be a fundamentally new form of computing. I expect blockchain, I expect cryptocurrency to be an important driver for GPUs."
Nvidia is also placing high hopes on the popularity of cryptocurrencies to drive sales of its high-powered graphics processing units (GPUs).
According to Huang, Nvidia’s processors are the "perfect" tool for mining digital coins like Bitcoin. He noted:
"The reason why cryptocurrency became such a popular thing on top of our GPUs is our GPUs is the world's largest installed base of distributed supercomputing.”
Shifting crypto strategy
Huang said in November that his company was overhauling its strategy to adapt to cryptocurrencies after revenues attributable to the crypto space slumped to $70 million in the third quarter from $150 million in the previous quarter.
“The longer-term way to think about that is crypto is small for us but not zero. And I believe that crypto will be around for some time, kind of like today,” he said then while remaining confident that his company maintains its dominance in the GPU computing space.
Cryptocurrency acceptance growing
In February this year, Huang said the world had started to accept that cryptocurrencies would be a mainstay of life.
“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.”
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