Mike Novogratz, the CEO of Galaxy Digital, wants the exchanges to list in the smallest unit of bitcoin, also known as “satoshis”. On May 8, Novogratz tweeted a number of crypto exchange executives asking, “Which exchange is the first to be cited on SATS?”
Novogratz asks Top Exchange Execs to list Satoshis
Bitcoin bull and investor Mike Novogratz is interested in crypto trading platforms listing the smallest bitcoin unit (BTC) named “Satoshis” or “SATS”. Satoshis can be thought of as the “cents” of dollars; They represent a fraction of a part of Bitcoin. One satoshi is approximately 0.00000001 BTC. With BTC above the $ 57k handle at the time of writing, a single Satoshi is worth $ 0.0005711 USD.
On Saturday Novogratz tweeted:
It’s time to switch to satoshis. Too many people tell me that $ 58,000 BTC is too expensive. Which exchange is cited first in SATS?
In his tweet, the CEOs of Crypto Exchange were further tagged by Binance, Coinbase, Gemini and FTX Exchange. After the tweet, Kraken’s Dan Held asked Kraken CEO Jesse Powell what he thought of the idea. Kraken’s crypto exchange manager replied to the thread saying the exchange needs to think about the decision.
“I have to think about the UX, the discoverability,” remarked the Kraken CEO. “99% of new users will search for Bitcoin / BTC and have no idea what a Satoshi / Sat is. I don’t want to confuse them, ”added Powell.
Some people are willing to value goods using the smallest unit of bitcoin
The statement about Satoshis was a popular tweet for Novogratz that garnered nearly 10,000 likes and over 1,100 retweets. In addition, the popular crypto market aggregator coinmarketcap.com has created a place for satoshis that displays the current value against the US dollar. Satoshis hit an all-time high of $ 0.000642 per Satoshi on April 14, 2021.
The bitcoin community has been a fan of referring to the smallest unit of cryptocurrency as satoshi for quite some time. Many have advocated the pricing of goods in satoshis, which could be simpler than the 5-digit value of BTC. However, some believe that it is too early to extol things in satoshis. Others have also asked for the terminology “sbtc” to be used to evaluate things in satoshis.
It remains to be seen whether the crypto exchanges will decide to list the smallest part of the Bitcoin, but thanks to Novogratz, it becomes a topical conversation again.
What do you think of Novogratz’s proposal? Do you think exchanges should list satoshis? Let us know what you think on this matter in the comments section below.
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Binance, Bitcoin, Bitcoin (BTC), BTC, BTC Fractions, Coinbase, Listing, Exchanges, FTX Exchange, Galaxy Digital, Gemini, Mike Novogratz, Satoshi, Satoshis, Smallest Unit, Smallest Unit of BTC, Trading Platforms
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