Expert Lauds Pi Coin’s Potential Against CBDCs & Stablecoin, Here’s Why

Key Insights:

• Pi Coin value lost around 1% to $0.35, sparking market concerns.
• An expert has revealed key reasons, highlighting Pi Network’s potential against CBDCs and stablecoins.
• A whale holds 360 million PI, reflecting his confidence in the asset.

Pi Coin price has continued to stay in the red, failing to hold its previous low and brief support at $0.4. This has spooked many market participants over a continuing fall in Pi Network price in the near future.

Besides, it has caused a massive selloff, suggesting that many investors have exited the market due to the highly volatile trading scenario. However, market pundits have still shown their confidence in the asset, which might have offered some relief to the holders.

The experts have lauded Pi Network’s potential to become a leading player among the global currencies. Besides, one of the renowned traders noted that it can also offset the limitations of the Central Bank Digital Currencies (CBDCs), which have caught the eyes of traders.

Meanwhile, despite the enthusiasm, a flurry of market watchers have called Pi a “scam” project. Addressing the allegations, one popular Pi Community figure has shed light on key factors that counter the claims.

So, here we explore the Pi’s potential against CBDCs and why experts are still putting their belief into the asset despite the massive plunge in Pi Coin value.

Expert Lauds Pi Coin Over CBDCs & Stablecoins

A renowned trader and market expert, Kim H Wong, highlighted Pi Coin’s potential as a global currency, citing key reasons. Besides, he also noted that Pi is a better alternative against CBDCs and stablecoins, which are backed by “sovereign” or fiat currencies.

In a recent X post, Wong highlighted Pi Network’s decentralized nature and wider distribution. He believes that it makes PI a better alternative to CBDCs and stablecoins.

Wong notes that CBDCs’ dependency on sovereign or fiat currencies limits their influence and usability. He pointed out that countries such as China, the Bahamas, and Sweden are actively exploring CBDCs, but sovereign currencies restrict their usage to specific regions.

Similarly, stablecoins, which are being offered by countries like the US, Hong Kong, and Singapore, are also tied to the value of underlying fiat currencies.

Meanwhile, Wong argues that in an increasingly divided world, there is a need for digital currencies that can surpass geographical boundaries and gain widespread trust. Pi Coin, with its vision of building a peer-to-peer ecosystem and online experience, fits the requirements.

Is Pi Network a Scam? Analyst Weighs In

Pi Coin value has slipped more than 1% today and slipped to $0.3527 during writing. Its trading volume also slumped around 25% to $50 million, indicating reduced activity from market participants.

Meanwhile, Pi Network’s slump of over 8% over the last seven days and the monthly plunge of 21% have sparked widespread discussions in the market. Many have questioned the legitimacy of the project, calling it a “scam.”

However, commenting on that, Dr Altcoin has highlighted a whale, identified by the wallet address “GASWB…2AODM”, holding 360 million Pi Coin. He noted that the whale keeps accumulating PI despite the ongoing plunge, reflecting his confidence in the asset.

Despite that, many have argued that this address is associated with the Pi Core Team (PCT). Commenting on that, Dr Altcoin said that if the project is a “scam,” then PCT would have never purchased its own coins. He stated:

“If the whale that accumulated nearly 360 million Pi is the PCT, then to those who call Pi Network a scam, no scam ever buys back its own coins.”