The high-stakes gamble on Pi’s Open Network launch

"I bought Pi at VND6,000 (US$0.24), and it gradually rose to VND11,000. This morning, the black market price surged to VND32,000 after news of Pi’s Open Network launch, and I believe it has not peaked yet. The Open Network launch will mark a new era, backed by a vast community of verified users, eliminating scams. Those who doubted Pi should wait and see," said reader Thien Huu.

Pi Network announced its transition to Open Network on Feb. 20, marking six years since its inception. The platform claims it has surpassed its initial target of 10 million Mainnet migrations, reaching 10.14 million, with over 19 million users completing identity verification. Many community members see this as an opportunity for financial gains after years of participation.

However, concerns persist that Pi Network could crash due to mass selling. Reader The River Moon questioned, "Pi has entered Open Network, but who will buy it, and at what price? The biggest winners here are Pi’s founders—they have gained over 19 million users, generating free advertising and significant revenue."

The price of Pi IOU on a cryptocurrency price tracking site. Photo by VnExpress/Anh Khang

Sharing a similar sentiment, reader Vinhlvb remarked, "Cryptocurrency does not appear out of thin air, nor does it disappear—it simply moves from one pocket to another. While Pi holders have reason to be hopeful, the reality is that when Pi gets listed, everyone will want to sell. So, who will buy? I predict the market will crash soon after."

"The real issue is, what will Pi’s price be once it is listed? Moreover, the development team will face legal challenges. If they mine an additional billion Pi—whether intentionally or not—they could face legal consequences," added reader Trangnguyen.

Meanwhile, reader Quoc Khanh remains cautious. "I prefer to wait until Pi gains more traction and its price stabilizes at several hundred U.S. dollars. There is no need to take risks when it is still worth only a few cents. Buying at a few hundred U.S. dollars with the potential to sell for thousands is better than buying cheap and losing everything.

"I would rather invest in stocks of transparent, established companies than gamble on black-market cryptocurrencies. While early investments might bring massive returns, the odds are low. It is safer to let the market determine Pi’s value first."