If you weren’t sure the stance for Nvidia CEO Jensen Huang when it comes to Ethereum’s upcoming shift to proof-of-stake, no need to question it further. Huang is clearly optimistic about Ethereum’s future. In an online-only Computex event, he fielded a variety of questions ranging anywhere from his thoughts on the metaverse to global semiconductor shortages.
Huang: A ‘Reasonable Bull’ Perspective
Jensen Huang’s comments around Ethereum in particular showed great optimism. When asked broadly about crypto and the supply and demand constraints around Nvidia products, Huang was clearly excited; “The reason why Ethereum chose our GPUs is because it’s the largest network of distributed supercomputers in the world. It’s programmable. When Bitcoin first came out, it used our GPU”, he said. “Am I excited about proof of stake? The answer is yes”, Huang added. “As we go towards that transition, it’s now established that Ethereum is going to be quite valuable.” He went on to discuss a new Nvidia product, CMP, which can address the crypto mining consumer and put ease on GeForce supply in order to deliver more GeForce products to gaming consumers.
It was still tempered optimism for Huang here, however. When asked later in the session about limiting hash rates in the future, Huang shared more perspective around his thoughts on crypto. “I believe that cryptocurrency is here to stay. It’s a legitimate way that people want to exchange value”, he said. “More important, Ethereum and other forms like it in the future are excellent distributed blockchain methods for securing transactions.” Huang added, “cryptocurrency is going to be here to stay. Ethereum might not be as hot as it is now. In a year’s time it may cool down some. But I think crypto mining is here to stay.”
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More From The Field Of Questions…
The Nvidia CEO made some other interesting comments as well. When asked about virtual worlds, he said that he felt that there would come a time that there would be “a larger market, a larger industry, more designers and creators, designing digital things in virtual reality” than designers in the physical world today.
He also used the press opportunity to show off Nvidia’s newest facility, ‘Voyager’, set to be host to over 3,000 of the company’s employees, which Huang described as “a city inside a building”.
Huang also shared his excitement around the success of the RTX 30 series, the firm’s growing enterprise business, and the future of AI. What’s next for the Nvidia’s spurring growth? Huang and company clearly have a number of ideas, and crypto mining clearly lives at the forefront.
Nvidia's Jensen Huang is cautiously optimistic about Ethereum's popularity in the next year. | Source: ETH-USD on TradingView.com
Related Reading | Ethereum At A Discount, Why ETH Looks Like BTC In 2017
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The ‘Miami Migration’? ‘Florida Flocking’? While there is no term coined yet, eToro is looking to get their name in the mix as there is undoubtedly more attraction routinely being driven towards the south Florida area when it comes to cryptocurrency and tech. During last week’s Bitcoin 2021 Conference in Miami, eToro announced that the firm is scouting locations for another U.S. hub to work with their Hoboken, NJ office.
A Move(ment) To Miami
Miami Mayor Francis Suarez has been outspoken about his desire to make Miami a tech hub. The efforts seem to be yielding results. Less than two days before eToro’s announcement, Blockchain.com had announced their U.S. headquarters would be shifting from New York to Miami, bringing to market roughly 300 jobs over the course of the next year and a half.
Following eToro’s announcement, Mayor Suarez stated that “eToro’s commitment to Miami furthers the narrative that this is not a moment but a movement, and we are on our way to becoming the ‘Capital of Capital’.”
Other major cryptocurrency exchanges are engaging with Miami, too. FTX took a splash into traditional sports sponsorship earlier this year by teaming up with local NBA team Miami Heat and locking in a major naming rights deal for the team’s arena.
Related Reading | eToro Adds Chainlink And Uniswap Amid Investor Surge For Crypto
In terms of weekly visitors, the Isreal-based eToro is the second-largest exchange, only behind Binance. The firm reigns in over 19M weekly visitors.
U.S. managing director for eToro Guy Hirsch says that traditional finance and cryptocurrency players are making a push to make Miami ‘mainstream’ for their firms. “Following these trends, we decided to leverage this great phenomenon and join the city by opening an office in the Miami area”, said Hirsch.
The news comes as the largest bitcoin gathering takes place in the city, with 15,000 people coming together at Miami’s Mana Wynwood Convention Center for the Bitcoin 2021 Conference.
Crypto's emergence has become a major focus for Miami mayor Suarez in building the city as the next 'tech hub'. | Source: CRYPTOCAP on TradingView.com
The Bigger Picture
eToro has been on a tear lately, from sponsorships to stock listings. The company announced plans to go public via a SPAC merger less than two months ago, valuing the business combination at north of $10B. The deal was done with a SPAC team led by fintech veteran Betsy Cohen.
As a “social investment network”, the company also launched BitcoinWorldWide in recent months, which is a thematic stock portfolio based around the value chain behind bitcoin – think chip manufacturers, mining operations, exchanges, and more.
eToro has also doubled down on international sponsorship efforts, establishing a partnership with horse-racing’s Racing League and locking in a three-year deal with Rugby Australia.
The company has also seen substantial user growth, including a 210% skyrocket in new users in Q1, amounting to over 3M people.
Related Reading | eToro Adds Dogecoin
Featured image from Pixabay, Charts from TradingView.com