The price of TAO, the native token of Bittensor—a blockchain project focused on AI—has seen a remarkable surge recently, driven by significant developments in both the crypto and artificial intelligence sectors. One of the key catalysts behind this upward momentum is U.S. Vice President Kamala Harris' recent commitment to advocate for increased investment in both AI and crypto technologies, creating a wave of optimism across these industries. Additionally, anticipation surrounding Bittensor’s upcoming integration of Ethereum-compatible smart contracts has further fueled investor excitement.
TAO Price Overview
The Bittensor price surged over 18% in the last 24 hours to trade at $542.37 at press time. This strong rise in the altcoin’s price has pushed the crypto’s weekly performance deeper into the green zone. As a result, TAO is up more than 82% over the last 7 days.
Kamala Harris Pushes for AI and Crypto Investment
At a Wall Street fundraiser on Sept. 22, Harris vowed to encourage investment in artificial intelligence and digital assets, marking a positive shift for the crypto industry. “We will partner together to invest in America’s competitiveness, to invest in America’s future. We will encourage innovative technologies like AI and digital assets while protecting our consumers and investors,” Harris stated, as reported by Bloomberg. The Vice President also emphasized the importance of creating a business-friendly environment with consistent regulations, sparking optimism among crypto enthusiasts.
Harris’ support for AI and crypto comes at a crucial time for the industry, as it navigates regulatory uncertainty and looks for champions within the U.S. government. Her comments suggest a more favorable approach to crypto policy compared to the current administration, which has been viewed as more critical of the sector. Harris emphasized the need for clear and transparent regulations that will protect consumers while allowing for technological innovation. This regulatory clarity could help AI-focused cryptos like TAO thrive in a more predictable market environment.
Notably, Harris' remarks have sparked positive reactions from key figures in the crypto world. Coinbase policy chief Faryar Shirzad called her statements “important and constructive” and pointed out that recognizing digital assets as equally important as AI is a major step forward. However, he also noted that Harris’ position is still more cautious compared to Donald Trump, her Republican rival, who has openly embraced crypto as a campaign issue.
Alexander Grieve, vice president of government affairs at venture firm Paradigm, called Harris’ remarks “encouraging,” adding that the industry may be looking at the final "anti-crypto" administration, depending on the outcome of the election.
As a top-three AI crypto, TAO stands to gain from any increased investment and attention toward the AI and blockchain sectors. Bittensor’s unique positioning as a decentralized network that powers AI applications through blockchain gives it an edge in this growing market.
Bittensor’s Ethereum Compatibility and DeFi Push Ignite Investor Interest in TAO
Earlier this month, on Sept. 15, the Opentensor Foundation also announced exciting developments for the Bittensor network, which could further boost the value of TAO. In a video statement, the foundation revealed that Ethereum-compatible smart contracts would soon be deployed on the Bittensor blockchain, marking a significant step forward for the project. This move is set to enhance the network's capabilities, particularly with trustless cross-chain bridges and more sophisticated subnet designs.
"We are pushing the Ethereum contracts to the chain pretty soon... we will be able to have contracts on the Bittensor blockchain fairly soon, which will be really positive for trustless cross-chain bridges and also for more hierarchical designs on top of the subnets," said a spokesperson from the Opentensor Foundation.
This update has caught the attention of both the DeFi community and institutional investors, who view it as a major breakthrough for the platform. During a Bittensor meetup at the Token2049 event, foundation members delved into the Ethereum Virtual Machine (EVM) compatibility, highlighting how this integration could supercharge the ecosystem. After the event, Xponentcrisis from Tensorplex Labs commented, "The introduction of EVMs is great for DeFi… but more importantly, subnet operators will unlock an additional layer of orchestration to enable them to push their ideas further."
This level of flexibility, coupled with Ethereum compatibility, could position Bittensor as a premier player in the intersection of artificial intelligence and decentralized finance, offering subnet operators the tools to explore new innovations.
Investment Community Sees TAO as a Premier AI Blockchain Play
As excitement around Bittensor’s developments grows, so too does interest from the investment community. Daniel Cheung, co-founder of Syncracy Capital, offered an enthusiastic endorsement of the project, suggesting that Bittensor is still vastly undervalued in terms of its potential. “The gap between what people think Bittensor is and what it actually is has never been wider... The premier AI L1 is coming to life,” Cheung said.
This statement has sparked significant debate across social media, with prominent figures weighing in on the implications of Bittensor’s Ethereum compatibility. Among them was Barry Silbert, CEO of Grayscale, who has been vocal in his support of the project. "It is going to surprise a lot of people and will be obvious in hindsight," Silbert said, adding that Grayscale has launched a single-asset TAO fund as well as a Decentralized AI Fund that includes tokens like TAO, NEAR, LPT, RNDR, and FIL.
Silbert’s comments have further solidified Bittensor’s position as a major contender in the blockchain AI space. The launch of dedicated funds centered on TAO signals that institutional investors are placing significant bets on the platform’s future success, particularly in light of its Ethereum compatibility and the enhanced functionality it will bring to the network.
EVM Compatibility: A Game Changer for Bittensor
The integration of Ethereum-compatible smart contracts is expected to open a world of possibilities for developers and investors alike. With EVM compatibility, Bittensor will be able to seamlessly interact with the broader Ethereum ecosystem, making it easier to integrate decentralized applications (dApps) and participate in the flourishing DeFi sector.
This level of interoperability will be crucial for unlocking new layers of orchestration within Bittensor's subnets, enabling developers to push the boundaries of innovation. The enhanced trustless cross-chain bridges that will come with this upgrade will further bolster the network’s scalability and security, allowing for more complex and hierarchical subnet designs.
For investors, these developments position TAO as an essential asset in the growing intersection of blockchain and artificial intelligence. With the network’s increasing technical capabilities, combined with its rising institutional support, TAO stands to benefit from the ongoing convergence of AI and DeFi.
