Fact Check: Banks to Use Pi Coin GCV Value

There’s a lot of chatter on platforms like Twitter right now about the cryptocurrency Pi Coin, Pi Network’s native coin. The big talk is that banks might actually start recognizing a special value for it called the “Global Consensus Value” (GCV).

Essentially, people are getting really excited because they’re hearing that financial institutions in nearly 200 countries could begin accepting Pi Coin at this GCV, which is a significantly high value that the Pi community itself has come up with. It’s an idea that has a lot of people in the Pi Network community hopeful about the coin’s future. 

This would mean that the Pi you have in your digital wallet would be recognized by banks at this high value, rather than the lower prices seen on some exchanges.

The rumors claim that “GCV Global Ambassadors” are pushing for this “Double Value Movement” by buying Pi at market prices and doing private transactions at the GCV. They believe this “double value” for Pi is “inevitable” and fair. This idea is making many in the Pi Network community very hopeful.

These claims have grown stronger because of a new app called Boostr. This app, part of the Pi Network, lets users pay for things like electricity bills and mobile phone top-ups with Pi Coin in many parts of Africa, Asia, and Latin America. Being able to use Pi for everyday things has made people excited and believe that bigger financial institutions might soon recognize its value, possibly at the GCV.

Indeed, Pi users can now spend their coins on some services through Boostr. There is no official announcement or confirmation from the Pi Network itself, or any major bank or financial institution, that they will be using Pi Coin at the GCV. 

Right now, that GCV number, the $314,159 figure the Pi community has decided on, isn’t an official market price, and banks certainly don’t recognize it.

So, for the time being, all these claims are just whispers and hopes within the Pi Network group. There’s simply no solid evidence or official statement confirming that banks are getting ready to use Pi Coin at that super high GCV.