Galaxy Digital CEO Michael Novogratz has suggested that cryptocurrency exchanges list satoshi instead of BTC to make this crypto asset more accessible.
Novogratz tweeted this, mentioning the leaders of the marketplaces Binance, Coinbase, FTX and Gemini. He encouraged them to move on to listing satoshi, the smallest unit of bitcoin. Unlike pounds or dollars, which are 100 pennies or 100 cents, one bitcoin contains 100 million satoshi. At the current bitcoin price, the satoshi value is approximately $ 0.0005776.
For newbies looking to enter the cryptocurrency market, Bitcoin seems too expensive, Novogratz said. This scares people, who may not be aware that it is not necessary to buy a whole bitcoin, since you can buy this cryptocurrency in a fragmented form. Novogratz believes that the listing of Satoshi on exchanges will contribute to the wider adoption of Bitcoin.
“Now is the time to switch to satoshi. For many users, Bitcoin at $ 58,000 is too expensive. Which platform will be the first? “, – challenged the cryptocurrency exchanges Novogratz.
Blockchain Research Lab co-founder Ingo Fiedler supported this idea. He said that from a financial point of view, there is no difference in changing the denomination of BTC, but it could have a positive psychological effect on traders.
However, there are also “pitfalls” here, since the whole world has already heard about bitcoin, and satoshi does not have such “brand awareness”. Therefore, Fiedler believes that it would be prudent to duplicate the Bitcoin and Satoshi trading pairs with the US dollar. Thus, both bitcoin denominations will be offered, while the orders will be split to preserve liquidity.
Quantum Economics analyst Jason Deane also found this initiative interesting. According to him, the bitcoin rate is approaching a value that seems unattainable for small and medium-sized enterprises. Dean said that it would be easier for people to spend 25 satoshi than 0.00000025 BTC when buying morning coffee.
