After a mixed year, the price of Bitcoin is still suppressed and trading well below the $8,000 psychological mark. However, if cryptocurrency exchanges price Bitcoin not as a whole unit but in Satoshi, the coin’s smallest unit of account, then Bitcoin price may be resuscitated from the current lull and a new all-time high reached quickly. This is according to one thoughtful Twitter user, Mark Finelli, who also added that the asset will always be valued above $10,000.
Denominate Bitcoin in Satoshi
His opinion resonates well with most Bitcoin enthusiasts. Divisible, a Satoshi is the smallest unit of account whose value fluctuates, corresponding to the coin’s spot rates.
Each Bitcoin is highly divisible and can be split to the eighth decimal place meaning an optimistic investor need not buy a whole Bitcoin but instead a fraction of the coin depending on what one is willing to spend.
Trading at $7,141 at the time of press, each Satoshi or 0.00000001 BTC is worth $0.00007141.
In a Twitter post, Mark said:
“As I’ve said many times, if the retail exchanges priced Bitcoin in Sats instead of whole bitcoins, we’d have a permanent $10,000 bitcoin in perpetuity and reach a new ATH quickly.”
His thoughts found support from other observers who weighed in, relaying with cryptocurrency exchanges’ lack of focus. A Twitter user, Jalan Foster said that most exchanges are busy with shit coins instead of taking on projects that truly matter.
“I’ve thought that exchanges should have switched to millibits once 10k was breached. Equivalent of 10,000 SATs for $10. Destroy the unit bias, price would flourish. But the exchanges are too busy with shit coins to take on projects that really matter.”
Bitcoin’s Spectacular Performance in the 2010s
In the last decade, Bitcoin has evolved from being a zero to hero asset after launch following the Great Financial Crisis of 2008-09. Bitcoin outperformed traditional assets by several orders of magnitude, adding 9,000,000%.
#Bitcoin: There's life in the old dog yet! At the beginning of 2010 you could buy for 1 $ = 333 #BTC. In this decade, the performance of the #BTCUSD was awesome. Let see what comes next – Bears will win the Battle but bulls will win the war. pic.twitter.com/1xt3Nu98FA
— Salaheddine Bouhmidi📈 (@SalahBouhmidi) December 31, 2019
Within the same period, fringe assets rallied as well, but those gains pale in comparison with BTC’s super rally. This is despite it roaring to $20,000 at the height of the ICO mania of late 2017 and crashing in 2018 in a well-documented crypto winter.
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Dalmas is a very active cryptocurrency content creator and highly regarded technical analyst. He’s passionate about blockchain technology and the futuristic potential of cryptocurrencies and enjoys the opportunity to help educate bitcoin enthusiasts through his writing insights and coin price chart analysis. Follow him at @dalmas_ngetich