Mike Novogratz, the CEO of Galaxy Digital has suggested the idea for introducing Bitcoin’s smallest unit, SATS to be listed on exchanges instead of the flagship cryptocurrency. He refers to people telling him that BTC at the current price is too expensive. Hence, quoting SATS on exchanges will make it more appealing to the average users.
SATS Should Replace BTC on Exchanges says Mike Novogratz
The CEO of Galaxy Digital, Mike Novogratz has taken to Twitter to say that SATS should be a quotable currency on exchanges.
According to Novogratz, too many people see Bitcoin as too expensive at current prices. Hence, a switch to its lowest denomination would remove the idea that BTC is out of reach for the regular investor.
He went on to call out Changpeng Zhao, Brian Armstrong, Sam Bankman-Fried, and Tyler Winklevoss, the respective CEOs of Binance, Coinbase, FTX, and Gemini to ask which exchange will be the first to list Satoshi for trading.
Named after Bitcoin’s anonymous creator Satoshi Nakamoto, one Satoshis equals 0.00000001 BTC.
At the current value of $0.0005885, one Satoshi paints a picture of an affordable Bitcoin since 1 SATS is lower than a dollar. The same $1 can bring investors roughly 1,710 Satoshi.
Meanwhile, billionaire Mark Cuban explains that the excitement that comes with owning the whole thing might explain the rise of meme cryptocurrency Dogecoin:
It’s hard for someone with $100 to get excited about owning a fraction of BTC or ETH. It’s easy with doge.
CoinMarketCap is Now Tracking SATS
Earlier this week, leading crypto tracking site, CoinMarketCap listed Bitcoin’s smallest unit, Satoshi (SATS). At time of writing, one satoshi is trading at $0.0005885.
Satoshi (SATS) is currently ranked 4,988 on CoinMarketCap with a value of $0.0005846 or 0.00000001 BTC.
Data analysis company, Glassnode shares that investors holding less than 1 Bitcoin, have been staking sats from early 2018. Interestingly, this category of investors owns 5.25% of Bitcoin’s circulating supply.
#Bitcoin accumulation by 'sat stackers' has continued slow, steady and uninterrupted for many years.
Addresses holding less than 1BTC now own 5.25% of the circulating $BTC supply.
So far we've not seen a FOMO impulse like 2017 blow-off top.
— glassnode (@glassnode) May 7, 2021