If You Invested $1000 In Bitcoin When Nvidia’s Jensen Huang Said Crypto Is ‘Going To Be Here For A Long Time,’ Here’s How Much You’d Have Now
By Benzinga
Jensen Huang is one of the world’s most popular technocrats, spearheading the artificial intelligence behemoth Nvidia Corp. (NASDAQ:NVDA)— currently the second-most valued company with a market capitalization of $3.38 trillion.
His views on technology, life, and philosophy have been the subject of significant media attention.
Like a true technologist, he recognized the potential of cryptocurrencies and blockchains early on, even when some of Wall Street’s biggest names were dismissing the idea.
What happened: During a CNBC interview with “Mad Money” host Jim Cramer, Huang famously said, “Cryptocurrency will be here. The ability for the world to have a very low friction, low-cost way of exchanging value, it’s going to be here for a long time.”
Huang said he expected blockchains to be the fundamental new form of computing.
See Also: CleanSpark CEO Zach Bradford Explains Why The Company Is Betting on Bitcoin Mining, Not Buying
When Huang made these remarks, Bitcoin (CRYPTO: BTC), the world’s largest cryptocurrency, was valued at $7,165.70. So, if you were swayed by his optimism and parked $1,000 in the digital asset, it would have fetched you 0.139 BTC.
Today, the price of one Bitcoin has leaped to $96,550.85. This would amount to a total portfolio value of $13,474.02, reflecting a staggering 1,247% return on investment.
Why It Matters: It’s worth noting that Huang made these remarks when Nvidia’s graphic processing units (GPU) were in high demand in the cryptocurrency mining sector.
In the same interview, Huang bet on cryptocurrencies to become an “important” driver of its GPUs in the days ahead.
However, in the ever-evolving world of technology, things move swiftly.
GPUs were eventually superseded by the much faster and more efficient application-specific integrated circuits.
Most major cryptocurrencies like Bitcoin and Litecoin (CRYPTO: LTC) are today mined with ASICs instead of a GPU rig.
Price Action: At the time of writing, Bitcoin was trading at $95,897.38, down 0.29% in the last 24 hours, according to data from Benzinga Pro.
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