Following the previous post that Nvidia is the central bank, Nvidia also has an interesting relation with BTC.
As Nvidia and compute technology improve, miners buy newer and more expensive machines to stay competitive. Because everyone can access the same better technology, the advantage is quickly competed away through higher hash rates and mining difficulty.
As a result, miners collectively spend more capital to compete for the same fixed amount of new Bitcoin. Higher industry-wide mining costs mean miners require higher BTC prices to justify that investment, creating upward pressure on the Bitcoin price.
The better the Nvidia mining revenue, the higher the BTC price!
In previous mode: larger nominal economy + more dollars + higher price level -> higher nominal gold price
How similar!