By: Lee the Captain
Despite recent price weakness, Bittensor continues to attract long-term believers who see the current market as an opportunity rather than a warning sign. In a YouTube video, Lee the Captain explained why he refuses to give up on Bittensor and its native token, TAO, even as prices revisit levels last seen in 2023.
This is not framed as financial advice, but as a personal investment mindset rooted in fundamentals, patience, and long-term conviction.
TAO Back at 2023 Levels: Panic or Opportunity?
TAO is now trading below $200 again, a level that puts it firmly back in its 2023 price range. While many see this as a negative signal, Lee argues that this is exactly the type of condition where dollar-cost averaging (DCA) makes sense for someone who still believes in the project.
From his perspective, complaining about lower prices while believing in a protocol is contradictory. If conviction only exists at all-time highs, then it may not be conviction at all.
The Core Thesis: AI and Machine Learning Are Not Going Away
At the heart of Lee’s outlook is a simple belief: the AI and machine learning narrative is far from over.
Bittensor sits squarely at the intersection of decentralized networks and machine intelligence. While hype cycles come and go, Lee questions whether anyone truly believes AI and machine learning have peaked as long-term themes. His answer is no.
Even with increased competition across crypto AI projects, he argues that very few protocols share Bittensor’s specific architecture, reputation, and positioning within the space.
Market Cap Perspective: Context Matters
One of the strongest arguments raised in the video is relative valuation.
At a price of around $3,000 per TAO, the network would sit near a $30 billion market cap based on current circulating supply. Lee compares this to past cycles where meme-driven assets like Dogecoin and Shiba Inu reached market caps of $80 billion and $40 billion respectively during 2021.
Against that backdrop, a $30 billion valuation for one of the most recognizable decentralized AI projects does not appear extreme, especially given that the number of crypto participants has roughly doubled since the last major cycle.
Supply Mechanics and Scarcity
Another detail Lee highlights is TAO’s maximum supply of 21 million tokens, matching Bitcoin’s hard cap.
While he is clear that Bittensor will never rival Bitcoin’s dominance or global recognition, he still sees symbolic and economic value in a fixed supply design. Scarcity alone does not guarantee success, but it strengthens the long-term investment narrative when paired with a compelling use case.
Still a Top-Tier Asset by Market Cap
Even after the drawdown, TAO remains ranked around 37th by market capitalization in the crypto market.
That ranking matters. It suggests the project has not been abandoned, ignored, or pushed into irrelevance. Lee questions whether a protocol with this level of visibility and relevance would simply be skipped during a broader altcoin cycle.
In his view, it is unlikely.
A Simple Strategy: Monthly Dollar-Cost Averaging
Rather than attempting to time bottoms or chase short-term momentum, Lee sticks to a disciplined approach. He dollar-cost averages into TAO once per month, no more and no less.
This removes emotion from decision-making and allows him to continue living his life without obsessing over charts. His philosophy is straightforward: markets will move with or without him, and trying to find the perfect entry point is a losing game.
Final Thoughts: Conviction Over Noise
Lee closes with a familiar but grounded conclusion. He still likes Bittensor’s fundamentals, its focus on AI and machine learning, its market presence, and its holder base. While the project is not overly vocal or promotional, he views that as a feature of a serious protocol rather than a flaw.
For now, he is content to wait, stay consistent, and see how the broader market evolves.
Not advice. Just conviction.
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