Leading digital asset manager Grayscale Investments highlighted on Wednesday Bittensor (CRYPTO: TAO) as the token embodying Nvidia Corp.(NASDAQ:NVDA) CEO Jensen Huang’s vision of a currency that transforms excess energy into AI models.
Does Bittensor Really Fit The Bill?
Grayscale reacted to Huang’s remarks made at the Bipartisan Policy Center on Sept. 27, 2024, where he discussed the intersection of energy and cryptocurrency.
Huang started by giving the example of Bitcoin (CRYPTO: BTC) mining and how the process takes “excess energy” and stores it into a new form.
"Transfer that energy, compress it into an artificial intelligence model. Take that model all over the place to use it."
He later extended the thesis to include data centers and high-performance computing.
“Transfer that energy, compress it into an artificial intelligence model. Take that model all over the place to use it,” the Nvidia CEO said.
Grayscale highlighted the very same comment in an X post, adding, “Bittensor is real and available now.”
Unleashing Decentralized AI Potential
TAO is the token underpinning Bittensor, a protocol that powers a decentralized, blockchain-based machine-learning network.
Bittensor is open-source and allows AI models to be shared, trained, and ranked by value. Participation and contribution are incentivized by giving rewards in TAO.
It’s worth noting that Grayscale operates the Grayscale Bittensor Trust(OTCQX:GTAO) on over-the-counter markets. The asset manager filed an S-1 with the SEC in December to convert this trust into a spot exchange-traded fund.
Today we filed the initial S-1 for Grayscale Bittensor Trust (ticker: $GTAO) with the @SECGov
This milestone is the next step in converting $GTAO to an ETP, which would make it the first $TAO ETP in the U.S. and another first for Grayscale.
Price Action: At the time of writing, TAO was exchanging hands at $274.33, down 2.66% over the last 24 hours, according to data from Benzinga Pro. The token has plunged 42% in a year.
Join thousands of traders who make more informed decisions with our premium features.
Real-time quotes, advanced visualizations, backtesting, and much more.
