© Provided by Benzinga Michael Kagan, the Chief Technology Officer at Nvidia (NASDAQ: NVDA), said that cryptocurrencies do not "bring anything useful for society."
CONSTELLATION BRANDS, INC.What Happened: Kagan on Sunday told The Guardian that the utility of cryptocurrencies for humanity is questionable at best.
"I never believed that [crypto] is something that will do something good for humanity. You know, people do crazy things, but they buy your stuff, you sell them stuff. But you don't redirect the company to support whatever it is."
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It should be noted that Nvidia chips are being sold in huge quantities to the crypto mining sector, especially to mine altcoins like Ethereum (CRYPTO: ETH).
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Kagan believes that using powerful processing power for tasks like running ChatGPT, an artificial intelligence chatbot, is more beneficial for society than mining crypto.
"All this crypto stuff, it needed parallel processing, and [Nvidia] is the best, so people just programmed it to use for this purpose. They bought a lot of stuff, and then eventually it collapsed, because it doesn't bring anything useful for society. AI does," Kagan said in an interview with the Guardian.
Price Action: ETH was trading at $1,754 up 0.03% in the last 24 hours, according to Benzinga Pro.
Read More: Bitcoin, Ethereum, Dogecoin Mixed As Banking Worries Deepen: Analyst Says 'Trading Isn't Black And White', Predicts Apex Crypto To Reach $40K
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This article Nvidia CTO Slams Cryptocurrency: 'Doesn't Bring Anything Useful For Society' originally appeared on Benzinga.com
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