‘Bitcoin Of AI’ Hits 4-Month High After Early Uber Investor Jason Calacanis Predicts 200x Rally For TAO

• According to Calacanis, Bittensor could become as big as Ethereum or Solana, and it could be the “better Bitcoin.” 
• The token also received a boost last week after Nvidia CEO Jensen Huang endorsed Bittensor’s decentralized AI model.
• Analyst Michael van de Poppe identified $500 as the next key resistance level for TAO.

Bittensor’s TAO token hit a four-month high on Wednesday, outperforming Bitcoin (BTC), and more than doubling in value over the past month. 

TAO’s price gained nearly 20% in the last 24 hours and hit a four-month high of nearly $375 in early morning trade before paring gains to around $366. The token remains over 50% below its all-time high of $757 seen in March 2024, according to CoinGecko data, but has gained more than 113% in the last 30 days.

On Stocktwits, retail sentiment around the altcoin rose to ‘extremely bullish’ from ‘bullish’ over the past day, and chatter rose to ‘extremely high’ from ‘high’ levels. According to crypto analyst Michael van de Poppe, the next area of resistance for the TAO token is at $500. “It’s in a new bull run, higher lows, higher highs,” he wrote in a post on X.

In comparison, Bitcoin's price rose 2.5% in the last 24 hours to around $71,250. Retail sentiment around the apex cryptocurrency on Stocktwits remained in 'bearish' territory over the past day, accompanied by chatter at 'low' levels.

Calacanis Prediction, Nvidia CEO Comments Fuel TAO Rally

The jump came after early Uber investor Jason Calacanis predicted a 200x rally for TAO to a market capitalization of $500 billion in the next five to 10 years. In the podcast, he disclosed that he has invested around $500 million in TAO personally and invested “a couple of million” through Stillcore, where he’s a partner. The company’s documentation describes TAO as the “Bitcoin of AI.”

According to Calacanis, Bittensor could become as big as Ethereum (ETH) or Solana (SOL). “I think the game of Bitcoin has ended,” he said, calling TAO the “better Bitcoin.”

Many users on Stocktwits echoed Calacanis' outlook on Bittensor's TAO token.

The token also received a boost last week after Nvidia (NVDA) CEO Jensen Huang endorsed the token in conversation with Chamath Palihapitiya, calling it a “modern version of folding@home,” a distributed computing project launched during COVID to help scientists better understand diseases. Huang stated that the future of AI will likely include both proprietary and open-source models operating in parallel. 

Like Bitcoin, Bittensor has a fixed total supply of 21 million TAO, and halving events keep reducing the increase of the overall supply. The first halving of Bittensor occurred on December 15, and the next one is expected more than three years down the line.

Read also: Bitcoin Holds Above $71,000 After Oil Drops On Iran Peace Plan Reports – Dogecoin, Cardano Outperform

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