Bittensor Sees Explosive Growth
Bittensor (CRYPTO: TAO) has witnessed a significant surge of 111% over the past 30 days, as of March 24, bringing its market cap to approximately $3.5 billion. This rise follows a discussion on the All-In Podcast where investor Chamath Palihapitiya highlighted Bittensor’s successful completion of training the Covenant-72B model—a 72-billion-parameter large language model—demonstrating the platform’s ability to execute complex tasks without centralized data centers.
Currently, Bittensor operates over 120 subnets that allow for pooled computing resources, essential for AI tasks, with TAO functioning as the native currency. Compared to Bitcoin (CRYPTO: BTC), which has a market cap of $1.4 trillion, Bittensor’s supply policy mirrors aspects of Bitcoin’s but its utility and governance present unique challenges. Bittensor has yet to establish itself fully within the market, raising questions about its long-term viability as an investment.
The recent recognition from Nvidia CEO Jensen Huang adds credibility, yet Bittensor still faces hurdles that could hinder its growth trajectory compared to Bitcoin’s established status as the dominant cryptocurrency.
