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With the recent momentum in the cryptocurrency market, many cryptocurrencies have rallied, but Bittensor’s price surged exceptionally, making it one of the day’s top gainers. This open-source protocol, with a market value of $4 billion, has seen an increase of over 29% in the last 24 hours.
Kamala Harris Supports Cryptocurrency
As interest among crypto investors grows with Donald Trump’s new crypto initiative and the president’s first crypto transaction, Vice President Kamala Harris has also begun to take cryptocurrency investors seriously. On September 22, she openly supported cryptocurrency at a fundraising event on Wall Street.
During the fundraising event, Harris announced that if she wins the upcoming election, she would focus on developing innovative technologies like artificial intelligence and digital assets. More importantly, she emphasized the need to protect consumers and investors while fostering the industry’s growth.
Wayne Vaughan’s Interest in Bittensor
Wayne Vaughan, co-founder and CEO of Tierion, expressed his interest in Bittensor, which contributed to the rise in TAO’s price. Having been in the crypto industry for a long time, Vaughan holds significant influence among crypto enthusiasts. His recent mention of Bittensor on the X platform has sparked increased demand for the token.
“I am exploring BitTensor as a decentralized network for AI models. I am only looking at the technology, not evaluating it as an investment.
BitTensor distributes AI training across a computer network, while well-known models like ChatGPT rely on large GPUs…”
– Wayne Vaughan
Despite stating that he is examining this token for its technology rather than as an investment, his tweet has created expectations for potential collaboration, which could lead to a future rise in TAO’s price.
Bittensor’s price has not only begun to rise today; the token has been on an upward trend throughout the week, gaining 85%. This increase is attributed to new developments surrounding this AI coin, such as Grayscale’s launch of the Bittensor Trust. The trust has been available to accredited investors since last month, and the ongoing interest in the token has driven up TAO’s price.
“Grayscale’s Bittensor Trust $TAO is currently open to eligible accredited investors seeking access to NAV at $TAO.
For more information, please click below or contact us.”
– Grayscale
Additionally, Bittensor recently introduced a new decentralized training mechanism. This introduction occurred in collaboration with MacroCosmos and Manifold on an AI training model, which could be another factor contributing to the price increase.
In summary, with the price increase, Bittensor has reached new peaks and is only 27% away from its all-time high. Kamala Harris’s statements about promoting the development of AI and digital assets have heightened interest in AI tokens, boosting demand for Bittensor. Furthermore, recent developments around Bittensor and the interest from key figures like Wayne Vaughan have increased the volume and demand for the TAO token.
