Talking about Bitcoin's replacement is utterly foolish. The community has no idea what it's worth, and comparing itself to Bitcoin is completely irrational, in my opinion.
You wouldn't blame them, it was another way to hype their shitcoin in order to lure people who are looking for cheap projects. Some people down here in my country fell for it. I know of a guy who heard such statements from PI Network community and went ahead to start buying people's $PI for $1.5 despite that it hasn't been lunched yet in exchanges.
When I met him, I told him that he is only gambling with his money, and who told him that PI will be expensive when it's lunched, he told me that the news is everywhere and he doesn't want to miss this opportunity just lije he missed buying bitcoin in the early days. He will be in a big loss currently, if he didn't sell when the price was above $1.5
I've seen lots of over exaggerating promotions or hoax just to hype this coin. Also can't blame those people believe those over statement they heard since lots of Pi coin user or holders are total newbie in the scene.
That's why they believe on those things that it can replace Bitcoin or even the less that it will get huge value in future.
I feel bad for those people believe on that crazy speculation since those people who bought some Pi at the top already lose lots of money due to this recent decline.