After 3 years of mining Pi, the most important question Pioneers want answered is – “how much is Pi?”
As stated in our press release, we aim to ensure you get factual news and opinion pieces about the Pi network.
Hence, we discuss if the consensus price of $314,231, $314, or $31, as seen on social media, is feasible.
Lastly, we gave our own prediction of Pi’s price.
Disclaimer: The opinions expressed in this article are those of the author. They do not reflect the opinions or views of Pi Bible and the Pi Core Team.
It’s been a long time coming, hasn’t it?
After several years of mining with hopes that at least one Pioneer would become a crypto millionaire, hopes started to fade.
At some point, it seemed like there would be another Rihanna album before you know how much one Pi is worth.
As luck would have it, the Pi Core Team has put all doubters to rest.
There’s a new wave of enthusiasm in the Pi network as several Pioneers have been able to migrate their tokens to their mainnet wallet.
Although you still can’t convert the Pi to cash yet, but this is a step in the right direction.
If you have completed the mainnet checklist, passed KYC, and migrated your tokens to your wallet, you can start exchanging or bartering with other Pioneers.
Note: At the time of writing this article, Pi isn’t listed on any crypto exchange yet, neither can you exchange it for money. Doing this can earn you a ban, and you can lose all your hard-earned tokens.
So let’s get back to the pressing question we need to answer “how much is 1 Pi?”
Several people have been throwing different figures around, especially on social media.
Some corners are insisting on a consensus price (whatever that is. The price will be determined by several factors and, most importantly, the Pi Core Team)
They say 1 Pi is worth $3.14, and others say it’s $314.
Although the figure is appealing to everyone, the highest and most popular consensus price so far is $314,231 for 1 token.
These aren’t feasible in any way and neither can there be a consensus price that high.
I know a lot of people will come for me, but hold your horses and hear me out.
Philosophy of the Pi Core Team
For starters, the Pi network has come this far, and I believe that the Core Team has been doing a wonderful job to this point.
Although the project is slower than anticipated, the Core Team won’t ruin things by rushing it or making a miscalculated move.
They’ve been consistent in their philosophy and their approach to making the project a success.
So they favor being slow but steady.
I’m sure they won’t ruin the project by fixing the price too high or too low.
This means that consensus prices of $314,231, $314, $31.4, etc cannot work
Also, the Pi Core Team stated in the white paper that there would be no ICO (Initial Coin Offering).
If you hear such anywhere, know for a fact that it’s not from them.
Why is a high consensus price not feasible?
Improbable market capitalization
For starters, I’ve come across several Pioneers on Twitter adopting $314,231 for 1 Pi as their consensus price for bartering like the one below.
Barter transaction using Pi consensus price of $314,321
There’s a huge problem with some of these figures and here is why it’s not feasible.
The number one crypto, Bitcoin, peaked at an all-time high of $68,990.90 – this is the highest price Bitcoin has ever gotten to.
This means that Bitcoin’s highest price is four times lower than the proposed consensus price of $314,231 for one token.
According to Coinmarketcap, Bitcoin is currently trading at $23,822.33 at the time of writing this article.
The total supply of Bitcoin is 21,000,000, and the current market cap – i.e. the value of Bitcoin as traded on exchanges – is $456,504,408,077.
These numbers may seem confusing, or you may be wondering their connection with the Pi token. Not to worry, I’ll break it down as simply as possible.
To get the market cap of Pi, simply multiply the total supply by the consensus price.
At this time, the total supply is fixed at 100 billion.
If the starting price is $314,231,
Market cap = 100 billion Pi x $314,231
That means Pi’s market cap would be $3,142,310,000,000,000,000,000 (I can’t even say that in words)
If by some chance, the Pi Core Team adopts this proposed consensus price of $314,231 for one Pi, that means its market capitalization will be larger than all cryptos combined.
It’ll even be bigger than the economy of several countries, if not all.
In fact, Pi will become the world’s most expensive and most valuable asset, all within the space of 3 years.
Not feasible, is it?
Economic consequences of Pi at the proposed consensus price of $314,231
The economics of this consensus price and its impact on the world economy makes it an impossibility.
The sheer impact of it would most likely throw the world into chaos.
Why? You may wonder.
Currently, there are 35 million Pioneers on the Pi Network.
At the time of writing this article, about 1 million Pioneers have passed KYC.
If each Pioneer has a minimum of 5 Pi tokens in their wallets, that means they’re literally millionaires in dollars.
With 1 million freshly minted millionaires and about 15 million more waiting to pass KYC, imagine how that will impact the world.
Imagine how it’ll affect the world’s economy, especially with the current inflation plaguing several countries worldwide.
It’ll only tip the balance of the world’s scale, causing more problems instead of solving them.
It’d be foolhardy to fix the token’s price at such a high price because most Pioneers will prefer to sell or take profits rather than hodl.
Who wouldn’t go for a bird in hand than two in the bush? Considering how volatile the crypto market is.
Truth be told, the Pi Core Team is doing the right thing – especially by creating utility for the token before fixing a price.
Utility and wide acceptance of Pi as a medium of exchange will make the price rise.
Most importantly, the value and price of Pi will be determined by demand and supply – nothing more, nothing less.
Yes, there’ll be a starting price once Pi goes mainstream.
However, all Pioneers need to know that the demand of Pi must always outweigh its supply, or the token’s price will fall considerably.
Without any doubt, Pi will give the top 10 crypto’s a run for their money within the first 6 months or a year once it starts trading on exchanges.
This in itself is a huge feat, and not all cryptos can boast of that.
With 30 million active users (even if you use modest estimates and peg the token’s users to 1 million), that figure is still very high for an entry-level crypto.
So the future is very bright.
How much is Pi?
Before we proceed, keep in mind that the prices stated here are speculative and not from the Pi Core Team.
So I’ll be conservative with my estimates. I estimate a maximum price of $1 for 1 Pi token and a minimum price of $0.1 (or 1 cent).
Another reason I believe the price of Pi may start from 1 USD is the Pi Hackathon.
For those that followed the Hackation, the grand prize was $20,000 and 20,000 Pi.
Although it’s a mere conjecture, at least it gives us a basis to start with.
Also, if the price is too low, several whales can simply buy as much as they can. This will invalidate the efforts put in by Pioneers for the past three years.
This, I believe, is something the Core Team will take into consideration. With this in mind, I know they won’t fix the price too low either.
In conclusion, building a project of this magnitude takes time, and to avoid disappointment, it’s best you’re patient like you’ve always been.
No matter the price of Pi, I’m sure this token will take us out of the trenches.
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