Arithmetic on today's supply, not a forecast. It assumes nothing about whether Bittensor could attract that much money.
A coin's market capitalisation is its price multiplied by the number of coins in circulation. Bittensor has 11,259,251 TAO in circulation at $239.1000 each, which is $2.69B. Holding that supply still and putting Bitcoin's $1.55T in its place gives $137,871.29 per TAO.
This is the huge end of the comparison. Bittensor would need $1.55T more than it carries today, and at that size it would be one of the largest assets in the world, crypto or otherwise.
Supply is held still, and in practice it moves: coins are minted, burned and unlocked, and every one of those changes the price a given market capitalisation implies. The figure also says nothing about whether the money exists to buy TAO at that level, which is the part that actually decides a price.
$137,871.29 per TAO. That is Bitcoin's current market capitalisation of $1.55T divided across the 11,259,251 TAO in circulation.
577x. Bittensor trades at $239.1000 today and Bitcoin's market cap is $1.55T against Bittensor's $2.69B.
No. It is one division: Bitcoin's market capitalisation spread over the supply of TAO that exists today. It assumes nothing about whether Bittensor could attract that much money, and it holds the supply still when in practice supply changes.
It sets it. Market cap is price times circulating supply, so the same $1.55T of market cap spread over more coins gives a lower price per coin. This uses the 11,259,251 TAO in circulation now.