It has been busy for a few months for the crypto financial services firm Galaxy Digital. From sales to sotoshis, the company is making headlines. Galaxy Digital is off the heels of acquiring digital asset infrastructure firm BitGo, and one of four firms to lead a recent Canadian petition for an Ethereum ETF.
Now, Galaxy Digital CEO Mike Novogratz posted over the weekend A twitter post He would like to see more development in the crypto landscape, particularly how we look at bitcoin on exchanges.
In its tweet, Novograts suggests that consumer perceptions around the dollar value of bitcoin may be better addressed by reducing Satoshi (SATS) units, rather than absolute units of BTC. No major cryptocurrency exchange does this, leaving Novogratz to ask, “Which would be the first exchange in SATS, tagging some of the biggest crypto executives in the industry?” “.
Square’s Cash app added SATS last year, but none of the crypto-dedicated exchanges followed it. Additionally, the crypto tracking website CryptoMarketCap tracks SATS, which are valued at 0.00000001 BTC.
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Is it psychological?
The main premise is, of course, the psychological aspect of being a more affordable entity to build a person’s cost base around bitcoin. Billionaire and crypto-enthusiast Mark Cuban campaigned around this exact concept about Dogcoin, stating that “It’s hard for anyone with $ 100 to get excited about a BTC or ETH fraction.” It’s easy with the dog “. Blockchain Research Lab co-founder Ingo Fiedler expressed similar sentiments, stating that “changing the denomination from BTC to Satsang does not make a financial difference, but has a psychological impact that could potentially lead to Helps Adoption Beyond “.
Despite this constraint, Glasnod’s recent analysis suggests that addresses less than 1 BTC make up more than 5% of the crypto’s circus supply. Companies such as Loli aim to normalize this unit of value through rewarding consumers with lesser amounts because they spend money with partner companies.
Alternatively, Kraken CEO Jessie Powell states that it is not necessarily simple: “UX will have to think through search. 99% of incoming new users will be looking for bitcoin / BTC and will not know what a satoshi / sat. Don’t want to confuse them. “
BTC has seen stable and steady growth to start the year. | Source: BTC-USD on TradingView.com
Satoshis comes from mysterious BTC creator Satoshi Nakamoto, who has been the center of speculation around the leading cryptocurrency since the 2008 Whitepopper. It was over a decade ago that Nakamoto sent his last emails to developers stating that he was moving forward for other projects. Many individuals have been identified as potential pioneers who fit Nakamoto’s bill, but none have given definitive answers.
Continuous questions remain in the name: Who is Satoshi Nakamoto? Does the institutional adoption of BTC interfere with Satoshi’s desire to remove the middleman? Just last month, the US state of Louisiana passed a resolution praising the success of bitcoin, which had previously become a decentralized trillion-dollar asset, but questions are still lingering around the legendary bitcoin developer.
Nowadays, questions reach beyond the origin of the Satoshi Nakamoto moniker, and how we should measure our crypto holdings.
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Featured image from Pixabay, Charts from TradingView.com