Bittensor’s TAO coin, associated with its mainnet, has experienced an impressive surge, appreciating 60% within the last month, captivating the cryptocurrency community. This spike in interest comes after Barry Silbert’s remarks suggesting TAO might parallel “the next Bitcoin,” triggering a rise in institutional backing for a TAO-centered liquid fund. The recent updates, including Dynamic TAO (dTao) and Ethereum Virtual Machine (EVM) compatibility, have facilitated the ease of development and introduced new revenue opportunities. February’s inclusion of TAO on Coinbase has further enhanced its market accessibility and liquidity, amplifying intrigue surrounding the asset.
What Drives Investment in TAO Coin?
The catalyst behind this momentum lies in the growing discourse on “decentralized artificial intelligence,” the intersection of AI and blockchain technology. Bittensor, with a set supply of 21 million coins and a system mirroring Bitcoin’s block reward halving, draws comparisons yet is mainly appreciated as an ecosystem token by its investors.
At the forefront of this resurgence in AI-blockchain synergy, as discussed in Token2049 Dubai, Joscha Kuplewatzky of Wintermute Ventures emphasized TAO’s role as an “index-like representation.” Meanwhile, Joseph Jacks, OSS Capital’s founder, likened Bittensor’s impact on capitalism to Bitcoin’s fiat disruptiveness, showcasing the altcoin’s potential without dependency on capital influx.
Can Subnets Propel Bittensor’s Success?
The future of Bittensor seems contingent on the effective application of its subnets in practical scenarios. Tekin Salimi, dao5’s founder, emphasized the need for these subnets to yield consistent profits surpassing TAO inflation. Robert Myers, a significant TAO stakeholder, cautioned about possible performance setbacks if miner incentives aren’t maintained.
Despite initiatives like Chutes showcasing capabilities with extensive data processing, continual enhancement of developer quality remains crucial. The enthusiasm observed at Austin’s initial Bittensor gathering, Endgame, has already sparked increased investments into subnet ventures.
Unsupervised Capital is set on amplifying its TAO holdings by acquiring early-stage subnet tokens, targeting “asymmetric returns.” The vital determinant is these subnets attaining product-market alignment and ensuring enduring fiscal benefits.
Currently, TAO is valued at $358.14, reflecting a 3.52% rise over the past day. Although the week shows a 3.46% decline, the 30-day performance records a significant 65.10% rise.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Source: https://en.bitcoinhaber.net/bittensors-tao-coin-sees-remarkable-growth