U.Today – The Board of Directors has discussed splitting the cryptocurrency 10-for-1 to make it more accessible to up-to-date investors, according to a parody post by Mike Alfred. According to the tweet, this would raise the total amount of Bitcoin to 210 million coins and replicate recent stock splits by companies like Nvidia (NASDAQ:) and Chipotle (NYSE:).
A demanding fork or network-wide consensus would be needed for the split, which would be virtually impossible given Bitcoin’s decentralized structure. However, the post was quickly exposed as a joke, as BTC clearly does not have a centralized board.
Tagging Tuur Demeester, a passionate Bitcoin maximalist known for his unwavering commitment to Bitcoin’s core principles, veteran trader Peter Brandt added fuel to the fire. In a subtle gesture at the ridiculousness of the proposal, Brandt asked for feedback.
The idea of ​​splitting Bitcoin is absurd for many reasons. First, because Bitcoin is a decentralized network, such a change would require broad agreement from miners, developers, and nodes.
Bitcoin’s value proposition as a infrequent deflationary asset, which is imperative to its appeal and utility, would also change dramatically if its supply were to be changed in this way. Since failing to break through the $70,000 barrier, Bitcoin’s price has recently fluctuated, trading at $63,757. It has seen a slight decline as price action suggests that investors are no longer as confident.
Either way, a little trolling for Bitcoin newbies never hurts, as it often motivates people to educate themselves on the basics of the digital asset market.
