Two people who were early in Bitcoin and early in Ethereum just went on record about
$TAO.
One of them wrote a book about Bitcoin in 2013.
The other invested in the Ethereum ICO in 2015.
Both of them started a fund with Jason Calacanis with a single thesis.
Bittensor is the third great open-source substrate after Bitcoin and Ethereum.
Here is the exact framing they used.
In the early 90s Microsoft, AOL, and CompuServe were the well-capitalised incumbents.
Everyone thought they would monopolise and run away with the internet.
Then TCP/IP, Linux, and the World Wide Web came along and everything converged on an open-source substrate.
Bittensor is that open-source substrate for the AI story playing out right now.
OpenAI. Anthropic. Google DeepMind. XAI. Different cast of characters. Same pattern.
And this time you can actually own a piece of the open-source substrate.
Now read the valuation mismatch that should stop you cold.
The four main AI labs combined are worth approximately $1.5 trillion.
Bittensor is worth $1.7 billion.
Ridges subnet competes directly with Claude and Cursor and has beaten them on benchmarks.
Ridges market cap is $30 million.
Cursor is worth $30 billion.
That is not a small dislocation. That is a comical one.
The highest valued subnet in the entire ecosystem is around $80 million.
There has never been a billion dollar subnet yet.
On Ethereum during the ICO mania projects with nowhere near this quality of output were raising hundreds of millions within minutes.
Now think about how many orders of magnitude more capital is chasing AI opportunities today compared to 2017.
When that capital discovers Bittensor the valuation rerating will be violent to the upside.
Their exact words. Not mine.
The man who called
$TAO at $3,000 by end of 2026 said it directly.
By 2030 it will be a trillion dollar ecosystem.
Every molecule in my body is screaming this is another one.
The people who read the docs always buy before the people who read the price.
This is still early.