Bitcoin has been on the rise for a while and is now stable in the $55k to $60k price range. While current prices are benefiting HODLERs, they are making Bitcoin too expensive for the average person. This may explain why its price is increasingly stagnating while altcoins rally.
One person that has made a note of this is Galaxy Digital CEO Mike Novogratz. Novogratz who is urging major exchanges such as Binance, Coinbase, and FTX to turn to Satoshis.
He stated that owning a whole Bitcoin was becoming too expensive for a whole lot of people. Novagratz argued that turning to Sats would make owning Bitcoin very affordable to a lot more people.
This view is also shared by Mark Cuban, top American billionaire who says
It’s hard for someone with $100 to get excited about owning a fraction of BTC or ETH. It’s easy with doge.
Sats, named after Satoshi Nakamoto is the smallest unit of the leading crypto asset that equals 0.00000001 BTC.
While Novogratz urges exchanges to turn to Sats, it seems like the idea is already gaining traction. CoinMarketCap, one of the biggest crypto data aggregators, has begun listing Satoshis on its platform.
Kraken’s CEO, Jesse Powell, is of the opinion that crypto exchanges might find it difficult to embrace this development because of new users who might not have an idea what a Satoshi is. In his words,
Have to think through the UX, discoverability. 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.