‘Time to Switch to Satoshis’ says Novogratz

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In Brief
  • Mike Novogratz makes case for SATS to be a quotable currency on exchanges.

  • The CEO refers to people telling him BTC is too expensive.

  • Crypto tracking website CoinMarketCap has started tracking SATS.

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Mike Novogratz, CEO of Galaxy Digital, has taken to Twitter to make a case for Satoshis (SATS) to replace Bitcoin (BTC) on exchanges. 

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The tweet, issued late on May 8, suggests that SATS, the smallest unit of BTC, should be listed on exchanges instead of the world’s largest cryptocurrency. Novogratz alluded to people telling him that, at $58,000, BTC is too expensive. Reports indicate that using SATS as a quote currency will make BTC more appealing to the average user. One SATS equates to 0.00000001 BTC.

Furthermore, he called out his fellow execs Changpeng Zhao, Brian Armstrong, Sam Bankman-Fried, and Tyler Winklevoss, CEOs of Binance, Coinbase, FTX, and Gemini respectively, to ask which exchange will be the first to quote in SATS.

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Satoshis on the radar

While the exchanges may not use SATS as a quote currency just yet, BTC’s smallest unit has not gone totally ignored. More specifically, crypto tracking website CoinMarketCap, which has started to track SATS. At time of writing, the website listed SATS at a value of $0.00058. 

The idea for the unit first came about in 2010. Named after the BTC creator Satoshi Nakamoto, it was a BitcoinTalk user called Ribuck who originally proposed the Satoshi.

Mike Novogratz in other news

While he evidently sees the potential in SATS, the Galaxy Investment Partners CEO has recently been critical of other popular cryptocurrencies. Back in April, Novogratz shared his opinions on both dogecoin (DOGE) and Ripple (XRP). 

In the case of the former, he remarked that DOGE did not “really have a purpose.” This was at the time when the price of DOGE had spiked over the $0.30 mark in light of a Tweet from Elon Musk. Novogratz added that he “would be very worried if one of his friends were investing in dogecoin at those prices.”

Novogratz was critical of the likes of Musk and fellow billionaire Mark Cuban, who endorse DOGE, calling it “frothiness.”

Until May 9, DOGE continued to smash all-time high records, hitting a price of $0.73 on May 8. It then crashed following Elon Musk’s Saturday Night Live appearance. 

Regarding Ripple, he had similar comments regarding their price rise at the time. XRP had risen from $0.40 to $1.60 in the space of the month. An event which Novogratz said did not “make a lot of sense.”

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Dale Hurst is a journalist, presenter, and novelist. Before joining the Be In Crypto team, he was an editor and senior journalist at a news, lifestyle and human-interest magazine in the UK. Cryptocurrency was one of the first subjects he specialized in when first going freelance in 2018, reviewing exchanges and analysing lawsuits.

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