Bitcoin worth should hit $1 million for 1 satoshi to achieve parity with 1 cent
Bitcoin (BTC) is circling all-time highs, but a new storm is brewing around its smallest subunit, the Satoshi or “Sat”.
As more and more first-time investors come to BTC, it is pointed out again that many still believe that Bitcoin cannot be shared and is “too expensive”.
Buy bitcoin? Too expensive
The problem of how to resolve this misunderstanding and introduce sats to a wider audience is a common discussion point in recent Bitcoin history and is now back in the spotlight.
This week, statistician Willy Woo publicly approached the CoinGecko listing to make the tiny Satoshi more visible.
“Put a smaller unit of standard for BTC on your site and see if it catches on. Let’s start a trend, ”he offered.
Woo responded to an experience from Brad Mills, the Magic Internet Money podcast host, who learned from a potential buyer that he couldn’t afford a whole bitcoin.
A long road to parity?
Satoshis are the smallest original sub-unit of Bitcoin, divisible by up to eight decimal places. At current prices, this results in a single satoshi worth around 0.02 cents. One dollar is worth 43 sats.
A dedicated resource now shows how much BTC / USD needs to win for that to be worth one cent. To do that, Bitcoin would have to challenge the cap on US M2 money supply, Woo said – Bitcoin would have to hit $ 1 million.
Bitcoin money supply measured in US dollar equivalent value. Source: Woobull
With that in mind, a Bitcoin price of $ 23,000 still seems modest. Still, some currencies have already fallen to Satoshi parity on their own. In July, the Argentine peso joined the Lebanese lira and saw one of its smallest units of account match.
He also pointed out that in addition to Sats, so-called “Millisats” could be used, which exist in the Lightning Network, if this should be necessary. Lightning is still the most widely adopted best choice for Bitcoin scaling. With the improved user experience, entry-level Bitcoiners will be able to send tiny payments for next to no fees.
This is achieved by executing transactions off-chain and later synchronizing them, eliminating mining fees and overloading the bitcoin blockchain.