CNBC’s Jim Cramer Loathes Bitcoin & Ethereum for Boosting Nvidia, AMD StockCNBC’s U.S. investment commentator Jim Cramer, who in the past stated that bitcoin could hit $1 million thanks to companies stockpiling the cryptocurrency to pay off ransomware, recently stated that investors shouldn’t buy Nvidia and AMD shares becuase of the cryptocurrency mining trend. The TV commentator claimed cryptocurrency growth isn’t currently sustainable and loathed bitcoin and ethereum for boosting these companies’ stocks due to an increase in demand.
CNBC’s article cites the incredible growth both bitcoin and ethereum had in the last 12 months. According to data from CoinMarketCap, on June 24, 2016, one bitcoin was worth about $650, while now it’s at $2,682.65. Ethereum, on the other hand, went from about $14.1 to a whopping $334.79, at press time.
As reported by CryptoCoinsNews, these currencies’ price boom led to a shortage of AMD and Nvidia GPUs earlier this month, as new small-scale cryptocurrency mining operations have been surging, according to AMD.
The growing cryptocurrency mining market, according to a report from RBC Capital Markets, has contributed $100 million worth of GPU sales for Nvidia alone, in the past 11 days. The report added that AMD chips are the best for mining Ethereum, which hints that AMD’s sales numbers are probably more impressive.
These sales helped investors get in on the Nvidia / AMD craze, so much so that both companies recently saw their value surge. AMD, a manufacturer whose GPU chips are usually cheaper than those of Nvidia, saw its shares soar by 33 percent in the last 30 days.
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https://www.cryptocoinsnews.com/cnbcs-jim-cramer-loathes-bitcoin-for-boosting-nvidia-amd-stock/