Bitcoin’s Smallest Unit: Billionaire Mike Novogratz Wants Crypto Exchanges to Quote Satoshis
Mike Novogratz, the CEO of Galaxy Digital, wants exchanges to start listing in the smallest unit of bitcoin otherwise known as “satoshis”. On May 8, Novogratz tweeted out to a number of crypto exchange executives and asked “which exchange will be first to quote in SATS?”
Novogratz Asks Top Exchange Execs to List Satoshis
Bitcoin bull and investor Mike Novogratz is interested in seeing crypto trading platforms list the smallest unit of bitcoin (BTC) called “satoshis” or “SATS.” One can think of satoshis as the “cents” from dollars; they represent the fractional term of a portion of bitcoin. A 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 is time to switch to Satoshis. Too many people telling me at $58,000 BTC too expensive. Which exchange will be first to quote in SATS?
His tweet further tagged the crypto exchange CEOs from Binance, Coinbase, Gemini, and FTX Exchange. Following the tweet, Kraken’s Dan Held asked the Kraken CEO Jesse Powell what he thought about the idea. The crypto exchange executive from Kraken responded to the thread, and said the exchange would have to think about the decision.
“Have to think through the UX, discoverability,” the Kraken CEO remarked. “99% of new users coming in will be looking for bitcoin/BTC and have no idea what a satoshi/sat is. Don’t want to confuse them,” Powell added.
Some People Are Ready to Price Goods With Bitcoin’s Smallest Unit
The statement about satoshis was a popular tweet for Novogratz, gathering close to 10,000 likes and over 1,100 retweets. Moreover, the popular crypto market aggregator coinmarketcap.com has created a space for satoshis, showing the current value against the U.S. dollar. Satoshis tapped an all-time price high on April 14, 2021, at $0.000642 per satoshi.
The Bitcoin community has been a fan of calling the cryptocurrency’s smallest unit a satoshi for quite some time. Many have advocated for pricing goods in satoshis, which could be easier than BTC’s 5-digit territories value. Some believe, however, that it is too early to price things in satoshis right now. Others have also clamored for the use of the terminology “sbtc” to price things in satoshis.
It remains to be seen if crypto exchanges will decide to list the smallest fraction of bitcoin, but it is becoming a topical conversation again thanks to Novogratz.
What do you think about the suggestion from Novogratz? Do you think exchanges should list satoshis? Let us know what you think about this subject in the comments section below.
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Author: Jamie Redman