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 a misunderstood innovation and draws parallels to current critics to early Bitcoin skeptics. According to the article, the scale of blockchain applications is rapidly expanding, with trillions of dollars flowing into the crypto market, and mainstream acceptance has proven early skeptics wrong. However, Pi Network is facing challenges from founder lawsuits and divergent community confidence.

**Bitcoin’s early playbook repeats itself on Pi Network? **

! Pi Network Reenacts Bitcoin History

The core argument of Universe of Pi’s article is this: Critics of Pi Network are repeating the mistakes of early Bitcoin skepticism. This analogy is not the first time that this analogy has emerged, with every emerging crypto project citing Bitcoin’s success story when faced with doubts. But Pi Network’s situation is unique. When Bitcoin was launched in 2009, the cryptocurrency concept itself was completely new and ununderstood. Satoshi Nakamoto’s white paper proposed a vision for a decentralized currency, but at the time, almost no one believed it would succeed.

The price of early Bitcoin was also extremely low. In May 2010, a programmer bought two pizzas for 10,000 BTC, when Bitcoin was worth about $0.003. By 2011, Bitcoin had surpassed $1 for the first time, and many believed it was already a bubble. However, proponents who truly believe in Bitcoin’s technical value hold on to it, ultimately witnessing a staggering increase from a few dollars to tens of thousands of dollars. Pi Network proponents argue that the current price of $0.22 is similar to the situation with early Bitcoin, both in the undervalued phase before the awakening of mainstream cognition.

However, there are fundamental differences in this analogy. Bitcoin has been open-source and decentralized since its inception, allowing anyone to verify its code and operating mechanisms. Pi Network adopts closed development, and the mainnet has been in the testing stage for a long time, and the tokens have not yet been fully unlocked and circulated freely. Bitcoin can be mined, traded, and transferred immediately after launch, while Pi Network users still have no free control over the tokens they mine years later. This structural difference calls into question the comparability of the two.

**Institutional tokenization wave endorsing Pi? **

Fox Business clips cited in the article show that U.S. institutions are open to tokenization. Charles Gasparino noted that regulatory policies in the United States are changing, and large institutions are experimenting with tokenization because blockchain settlements are faster. This comment suggests that blockchain is becoming less regulatory and that traditional finance is valuing blockchain’s value.

This macro trend is indeed beneficial for all blockchain projects, including Pi Network. When financial giants like BlackRock and JPMorgan Chase began exploring tokenized assets, the legitimacy of the entire crypto industry was boosted. However, institutions use verified public chains such as Ethereum, Solana, or private permissioned chains. As a project that is not yet fully decentralized and the mainnet is not fully launched, it remains questionable whether Pi Network can benefit from this wave.

Pi Network has amassed millions of users, which is one of its biggest strengths. According to the project team, there are more than 5000 registered users worldwide. If a significant percentage of these users become active participants after the mainnet launch, the network effect of the Pi Network will be significant. However, there is a huge gap between registered and active users, and many may simply sign up out of curiosity or the incentive of “free mining” and are not true ecological participants.

Top 3 Real-World Challenges Facing Pi Network

Mainnet delays erode trust: Since the project’s launch in 2019, the mainnet has not been fully opened, and multiple postponements have eroded community confidence

Shadow of legal proceedings: Founders face lawsuits, which may affect project development and market confidence

Price and Liquidity Dilemma: IOU market price is only $0.22 and lacks mainstream exchange support, resulting in extremely poor liquidity

**Can the mainnet upgrade be a turning point? **

Pi Network is moving towards a major mainnet upgrade by the end of 2025. This upgrade is expected to complete the token unlock, allowing users to freely trade and transfer their mined PI tokens. This is the most pivotal milestone in Pi Network’s history and will determine whether the project is truly innovative or the final evidence of a long-term scam.

Proponents argue that the real utility value of PI will be unlocked once the mainnet is fully launched. They believe that a large user base will translate into ecosystem activity that drives prices upward. However, critics point out that prolonged delays have caused damage to trust. Many early supporters have lost patience and may face massive selling pressure when the mainnet launches. When tokens held by millions of users are suddenly freely traded, a surge in supply can overwhelm fragile market demand.

The debate about Pi Network remains raging within the community. In various IOU markets, PI is priced close to $0.22. This price signifies uncertainty and scarcity. Proponents predict that the IOU market is not a true reflection and that prices will rise significantly after the mainnet launch. Critics argue that prolonged delays have weakened the market, and $0.22 may already be overvalued.

The lawsuits faced by the founders added legal risks to the project. Although the details of the lawsuit have not yet been fully disclosed, this legal pressure may affect team decision-making and project progress. Many long-term investors remain optimistic about Pi, believing that the team will eventually deliver on its promises. Some demanded clearer timelines and better communication, citing the lack of transparency as the project’s biggest problem.

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