Perhaps one of the largest issues facing the crypto community is that of scalability, particularly in the sense of environmentalism. As blockchains expand, they need some way to manage massive amounts of data and transactions. Several different approaches could solve this issue, including proof-of-work (PoW). This system settles transactions through the use of computer power. At its peak, the Bitcoin network was using more energy than all of Thailand every year. Obviously, this situation raises concerns surrounding environmental viability. Many have attempted to find solutions. Pi Coin claims to be one of these solutions, and it certainly has an interesting approach.
What is Pi Coin (PI)?
Pi Coin was created on March 14, 2019, Pi Day, by two Stanford PhDs, Dr. Nicolas Kokkalis and Dr. Chengdiao Fan. The two combined to create the token after becoming frustrated with the lack of user focus in the blockchain sector.
The token itself is currently given as a reward for mining on mobile devices. Anyone can download the app and begin mining. Users have to log in daily to validate themselves. Additionally, you can refer new users and earn Pi Coins as a reward.
Looking towards the future, the Pi Coin team says it plans to release the blockchain in its full form, as well as allow for the buying and selling of Pi Coin. The blockchain aspect will allow developers to create and add new projects onto the blockchain for Pi Coins. It also plans to introduce a wallet feature that will allow users to send and receive Pi Coins directly from the mobile app. However, no date has been set for any of these advancements and almost nothing has been done in the four years since the app’s launch.
Pi Coin (PI) Market Position
Because the Pi Coin main net has not yet been released and the token is not tradeable, it's impossible to determine an exact price. However, on average, most estimate the price of the token to be somewhere between $0.003 and $0.005. Additionally, an estimated 250 billion tokens are in circulation, giving the token a market capitalization between $750 million and $1.25 billion. However, these are only estimates, and, in practice, Pi Coin is still worth nothing until it can actually be sold. It is also important to take into account the fact that no one can sell the token so there is no downward pressure on the price.
Pi Coin’s biggest competitor is most likely Basic Attention Token (BAT), a token that is given as a reward for watching ads and using the Brave browser.
Jimmy Aki’s Bullish Long-Term Pi Coin (PI) Price Prediction
Jimmy Aki is “a trained economist, accountant and blockchain instructor with hands-on work experience in the financial sector that spans three continents” and writes for Business 2 Community.
He sees the price of Pi Coin skyrocketing in the next several years, as he predicts that the token will go live and be listed on major centralized exchanges. He predicts the price of Pi Coin to be $5 by the end of 2023 and more than $60 in 2024.
Tania Ostroukhova’s Bearish Long-Term Pi Coin (PI) Price Prediction
Tania Ostroukhova is a financial writer for Currency.com, a leading financial news publication. She does not trust that the Pi Coin founders will deliver on their promise to fully launch the mainnet and bring Pi Coin trading to the general public. This isn’t an uncommon opinion as the Pi Coin app has been around for four years and little to no functionality has been added since its launch. Because of this, the price of the token will effectively be 0, as there is a chance that no one will ever be able to sell their tokens.
2020s Pi Coin (PI) Price Predictions
Many crypto projects have started using artificial intelligence (AI) to generate 10+ year cryptocurrency predictions, but these forecasts should be taken with a grain of salt. However, they can show a feasible range of outcomes or show what the general market consensus looks like. In terms of Pi Coin, these predictions are almost entirely reliant on the founders of the project getting the token listed on major exchanges.
2023 Pi Coin (PI) Price Prediction
In 2023, CryptoNews predicts the price of Pi Coin to be between $0.08 and $0.24. WalletInvestor predicts a price of $0.0389 by the end of 2023.
2024 Pi Coin (PI) Price Prediction
BTCC predicts the price of Pi Coin to be $0.01276, assuming that the token gets listed on major exchanges by then.
2025 Pi Coin (PI) Price Prediction
Changelly predicts the price of Pi Coin to be above $1 in 2025, while WalletInvestor sees the price at $0.0849.
2026 Pi Coin (PI) Price Prediction
In 2026, Changelly sees the price of Pi Coin soaring well beyond $1, assuming that it becomes one of the leading digital coins.
2027 Pi Coin (PI) Price Prediction
In 2027, both BTCC and Investing Cube predict the price of Pi Coin to be between $1 and $1.50.
2030 Pi Coin (PI) Price Prediction
CryptoNews predicts Pi Coin to be trading between $0.25 and $0.70 in 2030, while BTCC sees the token being worth around $5.
Where to Buy Pi Coin (PI)
As of right now, it is impossible to buy Pi Coins outright, as the project is not available on any exchanges. The only way to obtain Pi Coin is through the mining system on the mobile app. The current mining rate is 0.1 PI per hour or 2.4 PI per day.
How Long Will It Take for Pi Coin (PI) to Reach $1?
The future price of Pi Coin is mostly dependent on the release of the mainnet and the listing of the token on major exchanges. If both of these things can happen, then some analysts see a $1 price target as being reasonable. However, no guarantee exists that the token will ever be tradeable, and many believe the project is a scam looking to bring in ad revenue from their users.
However, if the project can follow through with its plans to make the token tradable, then the token could reach $1, though it is very unlikely to happen anytime soon.
Bonus Section: If Pi Coin can get listed on major exchanges, the price will almost certainly be impacted.
Current Crypto Prices
The crypto markets are all over the place, with some tokens collapsing because of FTX’s recent insolvency issues and others surging.
If you want to see where your favorite tokens are, make sure to check out Benzinga’s up-to-date price table.
So, Is Pi Coin (PI) a Good Investment?
The jury is certainly still out on Pi Coin. Some believe that it is only a matter of time before the token is listed on exchanges and users will be able to cash in their tokens for a profit. On the other hand, some believe the project is a scam as there are ads within the app and the project has failed to follow through on several promises. It doesn’t seem to be a direct scam as it doesn’t ask users to deposit or buy Pi Coin. However, it does still make money with ads and gives users a currently worthless token in return.
Other than the time you’d lose, there is virtually no risk to mining Pi Coin, as it involves downloading an app and logging on once a day. If you think that the possibility of the token becoming tradable is worth the time of logging in daily, then it could be worth downloading the Pi Coin app.
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About Caden Pok
Caden has been involved with cryptocurrency for several years. He began trading and investing in crypto in 2018. Now, we mines multiple coins and holds positions in Cardano and Ethereum. He is very experienced with DeFi technology.