50 million Pi users ready to cash out after its exchange debut

"While debates over Pi’s value continue, I believe value exists beyond traditional currencies. If some organizations or individuals accept Pi alongside other assets, its worth will eventually be recognized—it is just a matter of time," said reader honglamvnn in response to skepticism from another reader.

The skeptical reader questioned the fundamental backing of Pi: "For those who have mined Pi diligently for six years, seeing rewards finally materialize is encouraging. However, applying basic financial principles, I still wonder—what guarantees Pi’s value?"

Reader vudoanthailam expressed doubts, stating: "For an asset to hold value beyond exchange, it must be scarce, useful, legally recognized, and require effort to obtain. Gold meets all four conditions, fiat currency meets three, Bitcoin meets two. So what does Pi have?"

Pi IOU price on a cryptocurrency tracking website. Photo by VnExpress/Anh Khang

Countering this, reader ngthaiduyanh compared Pi to Bitcoin’s early days: "Bitcoin was virtually worthless in 2009–2010, and even gold was not initially used for transactions.

Pi has a total supply of 100 billion tokens and lacks real-world utility for now, but that could change—just like Bitcoin and gold. No cryptocurrency is government-backed, yet the U.S. is considering classifying Bitcoin as a digital asset reserve. If Pi were as undervalued as Bitcoin once was, would you take the same risk in hindsight?"

In another debate, experienced crypto investors warned that Pi Network’s transition to an open network could lead to a "pump and dump" cycle similar to past meme coin crashes.

"Many have been waiting for this moment to sell off their Pi. I predict a massive sell-off after the Open Network launch because most users just want to cash out," said The Anh, an administrator of a Pi Network discussion group.

Reader kaka echoed this concern: "For any asset to be valuable, widespread interest is essential. Pi has over 50 million users, which is a strong number.

However, most are simply waiting for it to hit exchanges so they can sell. That is why I believe Pi is bound to collapse. I am also a Pi miner and have no intention of selling early."