August market events involving Bitcoin (BTC) and NVIDIA do not reveal what prompted investors, while commentary author Petr Sergeev argued Nov. 11 that Bitcoin's long-term investment case can survive shifts in speculative attention.
Sergeev separated short-term market enthusiasm from Bitcoin's longer-term investment role. “Bitcoin becoming less exciting may not be a failure at all,” he wrote.
Sergeev also referred to trading episodes involving Bitcoin and NVIDIA in August.
Their timing and the assets involved offer no basis for concluding that activity in one market drove activity in the other, or for explaining buyers' motives.
On Aug. 19, the U.S. Department of the Treasury announced it was increasing the cap for each long-term buyback operation from $2 billion to at least $4 billion. The change covered nominal securities with maturities of 10 to 20 years and 20 to 30 years. The new limits began Sept. 9 and were due to remain in force until Nov. 4. Treasury said the program was designed to bolster liquidity in longer-dated government debt markets.
NVIDIA reported $96.2 billion in revenue for the quarter ended July 26, up 106% from a year earlier. Its Data Center business brought in $89 billion, a 117% increase. NVIDIA CEO Jensen Huang said, “AI has reached its inflection point.” Those results measure the company's revenue growth; they do not establish how investors compare NVIDIA with Bitcoin as a long-term investment.
