Some Pi Network (PI) investors in Vietnam are holding the belief that PI will have a price of $314,159, and they call it the GCV price. When converted to VND, this amount is over 7.8 billion. This belief has led them to continue holding PI and decide not to transfer it to an exchange.
What is the GCV price and what is the origin of this price? Here are some findings from BeInCrypto.
Origin of the GCV Price of Pi Network (PI)
The GCV (Global Consensus Value) price of Pi Network is a proposed price equivalent to $314,159 for 1 Pi, not originating from traditional economic factors such as supply and demand in the market or the intrinsic value determined by official exchanges. Instead, it stems from the idea of a "global consensus value" agreed upon by the Pi Network user community (called Pioneers).
Specifically, this price is inspired by the mathematical constant Pi (π), around 3.14159, but expanded to 314,159 USD to create an impressive and symbolic number. Supporters of GCV, including individuals like Doris Yin - who is mentioned as the "global GCV ambassador" in the community - believe this is a fixed price, integrated into the Pi Network system as part of the long-term vision.
"We recommend all Pioneers take the following actions: Do not sell below $314,159.... Consider buying if you have the financial capacity, but ensure you do not borrow or use essential living expenses to invest.... Do not worry about the duration. With unity, the path to GCV can be accelerated." - Doris Yin called for.
Also Read: 4 Hypotheses on Pi Network Valuation: From Reasonable to Unbelievable
Many Pi Network (PI) Investors in Vietnam Support the GCV Price
Currently, after Pi Network launched its network, discussions about the GCV price of Pi are constantly appearing on platforms like Tiktok. Most of the supporting views are based on a few arguments:
- The Pi ecosystem is not yet complete, but when it is, there will be more than 100 dAPPs and drive the value of Pi.
- Investors have waited 6 years, and they are not easily willing to accept a price of $1 - $2 per Pi as the reward for their waiting.
- In addition, there are quite a few Facebook groups that agree with this movement, motivating those holding Pi.
"Everyone, please stay calm and put your phone aside, don't worry about the bidding orders, matching orders, or anything like that... The issue of Pi's value should be left to GCV and the Pi Core Team (PCT) to handle. If you are not calm at this time, all the effort of waiting for 6 years will be in vain. Our Pi is to be used in the Pi ecosystem. And 1 Pi = 1Pi GCV = $314,159." - A Pi player commented.
If Pi has a price of $314,159 with a total circulating supply of 65 billion Pi, its market capitalization would be around $20.42 trillion. In that case, Pi would far exceed all the top cryptocurrencies currently. It would be about 15 times larger than Bitcoin's market capitalization ($1.38 trillion), about 57 times larger than Ethereum, and about 5-7 times larger than the total cryptocurrency market capitalization (estimated at $3-4 trillion). This shows that a price of $314,159 per Pi is extremely unrealistic in the current crypto market context. Not to mention, a $20.42 trillion market capitalization for Pi would exceed the value of gold ($12.86 trillion), accounting for 19% of global GDP.
However, in Vietnam, Pi Network is not considered a legal means of payment (although this situation occasionally still occurs), and there can be fines of up to 200 million VND if payment is made using PI.
Also Read: Little-Known Internal Scandals of the Pi Core Team (PCT)
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