Is Nvidia's Surge A Bane for Bitcoin?
The market saw a major change in dynamics as Nvidia [NVDA] took over Microsoft [MSFT] as the most valuable firm. The chipmaker recorded a 3.6% surge in its stocks which pushed its market cap to $3.34 trillion. Microsoft’s market value was at $3.32 trillion. The latest rise comes from the increasing demand for its chips that are heavily being used in the AI sector. But this significant spike was believed to be bearish for Bitcoin [BTC]. # Nvidia is now the world's most valuable company, with a market cap of $3.34 trillion, exceeding the GDP of all but 5 countries. Soon only the U.S. & China will have GDPs greater than $NVDA's market cap. Each NVDA GPU contains from .1 to .3 grams of #gold. They contain zero Sats. — Peter Schiff (@PeterSchiff) June 18, 2024 Peter Schiff, a prominent critic of the crypto currency market pointed out how the graphics processing unit [GPU] that was produced by Nvidia had some gold in it. But it did not contain sats. The comp...