History is repeating itself! Pi Network supporters: PI coins replicate Bitcoin's early trajectory

Pi Network ecosystem media Universe of Pi positions Pi Network as an misunderstood innovation, comparing current critics to early Bitcoin skeptics. The article states that blockchain application scale is rapidly expanding, with trillions of dollars flowing into the crypto market, and mainstream acceptance has proven early skeptics wrong. However, Pi Network faces challenges such as founder lawsuits and community confidence polarization.

Is the early Bitcoin script repeating itself in Pi Network?

The core argument of Universe of Pi is: Critics of Pi Network are repeating the mistakes of early Bitcoin skeptics. This analogy is not new; every emerging crypto project faces doubts and often cites Bitcoin’s success as a precedent. But Pi Network’s situation has its unique aspects. When Bitcoin was launched in 2009, the concept of crypto itself was new and misunderstood. Satoshi Nakamoto’s white paper proposed a decentralized currency vision, but few believed it could succeed at the time.

Early Bitcoin prices were also extremely low. In May 2010, a programmer bought two pizzas with 10,000 BTC, which was worth about $0.003 at the time. By 2011, Bitcoin first broke $1, and many considered it a bubble. However, supporters who believed in Bitcoin’s technological value held on, witnessing an astonishing rise from a few dollars to tens of thousands of dollars. Pi Network supporters believe that the current price of $0.22 is similar to early Bitcoin, both undervalued stages before mainstream recognition.

However, there are fundamental differences in this analogy. Bitcoin has been open-source and decentralized from the start, allowing anyone to verify its code and operation. Pi Network, on the other hand, uses closed development, with the mainnet in testing for a long time, and tokens not fully unlocked or freely circulating. Bitcoin could be mined, traded, and transferred immediately after launch, while Pi Network users still cannot freely control their mined tokens years later. This structural difference raises questions about comparability.

Institutional tokenization wave backing Pi?

The segment from Fox Business shows that US institutions are open to tokenization. Charles Gasparino points out that US regulatory policies are changing, and large institutions are experimenting with tokenization because blockchain settlement is faster. This comment hints that regulatory resistance to blockchain is decreasing, and traditional finance is increasingly valuing blockchain technology.

This macro trend indeed benefits all blockchain projects, including Pi Network. As giants like BlackRock and JPMorgan explore tokenized assets, the legitimacy of the entire crypto industry is enhanced. However, these institutions typically adopt validated public chains like Ethereum, Solana, or private permissioned chains. Pi Network, as a project that is not yet fully decentralized and whose mainnet has not fully launched, may still face uncertainties in benefiting from this wave.

Pi Network has accumulated millions of users, which is one of its biggest advantages. According to the project team, there are over 50 million registered users worldwide. If a significant proportion of these users become active participants after the mainnet launches, Pi Network’s network effect could be substantial. However, there is a large gap between registered and active users; many may have signed up out of curiosity or for the “free mining” incentive, not genuine ecosystem participation.

Three major real-world challenges Pi Network faces

Mainnet delay erodes trust: The project started in 2019, but the mainnet is still not fully open, with multiple delays weakening community confidence.

Legal shadow of lawsuits: The founders face lawsuits, which could impact project development and market confidence.

Price and liquidity dilemma: The IOU market price is only $0.22, and it lacks support from mainstream exchanges, resulting in poor liquidity.

Can the mainnet upgrade be a turning point?

Pi Network is moving toward a major mainnet upgrade scheduled before the end of 2025. This upgrade is expected to unlock tokens, allowing users to freely trade and transfer their mined PI tokens. This is the most critical milestone in Pi Network’s history, which will determine whether the project is truly innovative or just a long-term scam.

Supporters believe that after the full mainnet launch, the real utility value of PI will be unleashed. They trust that the large user base will translate into ecosystem activity, driving prices higher. However, critics point out that long delays have already damaged trust. Many early supporters have lost patience, and when the mainnet launches, there could be a large sell-off pressure. When millions of users’ tokens suddenly become tradable, the surge in supply might overwhelm fragile market demand.

Debates about Pi Network remain intense within the community. On various IOU markets, the price of PI hovers around $0.22. This price reflects uncertainty and scarcity. Supporters predict that the IOU market does not truly reflect value, and the price will rise significantly after the mainnet launch. Critics argue that long delays have weakened market strength, and $0.22 may already be an overestimate.

The legal risks faced by the founders add another layer of uncertainty. Although details of the lawsuits are not fully public, this legal pressure could influence team decisions and project progress. Many long-term investors remain optimistic about Pi, believing the team will eventually fulfill its promises. Others demand clearer timelines and better communication, citing transparency as the biggest issue.

Whether Pi Network is truly repeating Bitcoin’s history will be revealed by the end of 2025.