Why Early Doubts About Pi Network May Mirror Bitcoin’s Beginnings

As the price of Pi Network (PI) experiences fluctuations in its early days on the open market, crypto analysts and community members are drawing historical parallels with Bitcoin’s infancy. Many argue that Pi’s current valuation is no indication of its long-term potential, much like Bitcoin’s humble beginnings before it rose to become a financial giant.

In 2009, when Bitcoin was first introduced to the world, it went an entire year without any monetary valuation. Only in 2010 did the first known exchange of Bitcoin for fiat occur, at the rate of approximately 10,000 BTC for two pizzas. It then took another year for Bitcoin to reach $1. Fast forward fifteen years, and the world’s first cryptocurrency now trades above $85,000 at its all-time high, having transformed from a niche digital experiment into a multi-trillion-dollar asset class.

Pi Network: A Different Journey, Same Early Skepticism

Launched with the vision of creating a more inclusive and energy-efficient cryptocurrency, Pi Network began its development in 2019. Over the course of six years, the project grew its community, built a mobile-first mining protocol, and gradually rolled out its enclosed mainnet. The open mainnet officially began in early 2025, making the publicly tradeable phase of Pi just a few months old.

Despite its infancy on exchanges, Pi has already captured global attention, with a community exceeding 60 million users worldwide. However, as with any new digital asset, its early days are marked by volatility, price discovery issues, and speculative fear.

Currently, Pi is trading at levels between $0.70 and $1.00 on unofficial markets and some over-the-counter (OTC) platforms. Critics have expressed concerns over the perceived low value, but long-time supporters urge a broader perspective.

Price Volatility in Early Markets Is Not New

Market analysts point out that volatility in the early stages of a cryptocurrency’s life is both natural and historically consistent. Bitcoin, now considered a stable and reliable store of value by many, was once dismissed as a tool for hobbyists with no real-world value.

At one point in 2010, Bitcoin was trading for fractions of a cent. Those who sold Bitcoin in those early years did so at what, in hindsight, are minuscule valuations. Today, those coins would be worth millions of dollars. The lesson? Early value does not determine future worth.

The same logic, supporters argue, may apply to Pi. Selling Pi today for $0.75 could, in time, be viewed as equivalent to selling Bitcoin for $0.01 in 2009. In other words, it may prove to be a premature decision based on short-term volatility rather than long-term fundamentals.

Community and Ecosystem Development as Key Drivers

One of Pi Network’s strengths lies in its community-driven approach. Rather than following the traditional ICO or venture-backed model, Pi allowed individuals—referred to as “Pioneers”—to mine tokens using mobile phones, making it one of the most accessible digital currencies in the world.

Furthermore, the network’s long incubation period allowed developers to build a robust foundation and test features such as identity verification (KYC), smart contract deployment, and peer-to-peer payments through the Pi Browser.

Now, with its Open Mainnet in place, Pi’s growth will be fueled by real-world utility, business adoption, and developer engagement. Hundreds of merchants in Asia, Europe, and Africa have already begun accepting Pi as a form of payment. Additionally, ecosystem apps and marketplaces are emerging, where users can transact Pi for goods and services without converting to fiat.

A Long-Term Vision with Strategic Patience

Dr. Nicolas Kokkalis and the Core Team behind Pi have always emphasized that their mission is not short-term hype but the creation of a long-lasting, utility-driven digital economy. This philosophy is reflected in their cautious approach to exchange listings, ensuring that the network is mature, scalable, and legally compliant before entering volatile external markets.

As such, short-term price movements should not overshadow the broader narrative. The real value of Pi will be determined by its usability, adoption rate, and the strength of its decentralized applications (dApps) ecosystem—not just its speculative value on third-party exchanges.

Will Pi Mirror Bitcoin’s Meteoric Rise?

While Pi and Bitcoin are fundamentally different in their origin, mining mechanisms, and governance structures, the early reactions from the market show strong similarities. Both faced criticism, skepticism, and undervaluation in their first public stages. Both also relied on passionate communities to grow their reach and utility.

Source: X

It remains to be seen whether Pi will reach the astronomical levels of Bitcoin. However, its potential to offer a low-barrier entry into crypto for billions of mobile users cannot be ignored. If the network’s roadmap unfolds as planned, and merchant adoption continues to grow, Pi may well carve out its place in the future of digital finance.

Conclusion: A Time to Build, Not to Panic

History has shown that early adopters of disruptive technologies are often met with doubt. Bitcoin’s earliest backers faced the same skepticism Pi Network users experience today. Yet, patience, conviction, and utility ultimately led to mass adoption and extraordinary gains.

As Pi Network enters its next phase, users and investors would do well to focus not only on price charts but on the foundational metrics that matter: daily active users, application growth, transaction volume, and merchant integration.

For those tempted to sell their Pi at current prices, perhaps history offers a cautionary tale. What seems undervalued today might one day be seen as an extraordinary opportunity missed.

Writer @Erlin

Erlin is an experienced crypto writer who loves to explore the intersection of blockchain technology and financial markets. She regularly provides insights into the latest trends and innovations in the digital currency space.

 

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