The current price of bitcoin makes it seem as if the world's leading cryptocurrency is no longer approachable by mainstream users. A five-digit price point makes people rethink their decision, as most assume they still need to buy one full bitcoin. Introducing denomination in satoshis can, in my opinion, make a lot more sense when onboarding newcomers. It may take some effort before the satoshi standard becomes commonplace, though.
The Bitcoin "Acquisition Problem"
Most people in our society can only think in full coins. One dollar, one euro, one pound sterling. Although we can all use change, no one is a fan of the system. If something is priced at $4.22, we will pull out a $5 bill and dump the change we receive into a pocket somewhere. Society likes round numbers, which creates an annoying problem when dealing with bitcoin. Convenience often trumps everything else but acquiring bitcoin with that mindset isn't necessarily convenient.
More specifically, a lot of people remain convinced that they need to buy an entire bitcoin. While that is an option, the current price point makes it very difficult to do so for the majority. When people encounter the idea of spending over $45,000 to buy something that isn't yet tangible to them, it can be a tricky ordeal. Although the higher price benefits the crypto industry, many support a potential denomination change.
While the option to trade full bitcoin will always remain available, some people would prefer to see a satoshi standard. Even Mike Novogratz, a respected and renowned crypto investor and trader, would like to see[1] such a standard implemented. So, I can personally get behind the idea of trading satoshis versus bitcoin — however, only if we can achieve this without confusing people even further.
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