Perhaps soon, around the world, we’ll begin putting our faith in Bitcoin rather than fiat.
This is an opinion editorial by Phil Snyder, an educator teaching blockchain technology, Bitcoin and all things media at the University of Houston.
Who hasn’t gotten at least a little chuckle upon first reading a sign behind a checkout counter, emblazoned with that timeless wit and wisdom, “In God We Trust; All Others Pay Cash”? Perhaps soon, around the world, wherever merchants accept bitcoin, we will begin to see “In God We Trust; All Others Pay Bitcoin.”
You should appreciate the irony that the fiat dollar we have lost trust in still declares its own religious faith in print on every little piece of the Federal Reserve’s funny paper and metal slug tokens. We are also expected to believe that this hoax currency is “Backed by the full faith and credit of the United States Government,” as stated on the FDIC’s and NCUA’s official teller signs, along with their pledge to insure deposits up to $250,000. Unsurprisingly, a derivative of this declaration can be spotted here and there online, as “In Bitcoin We Trust” memes. Also, ironically then, we trust in the “trustless” protocol of Bitcoin.
The phrase “In God we trust” has a long history of use in America, with its official origins found in the Civil War to boost morale and proclaim the Union’s reliance upon the God of the Bible — a claim that the South also shared! It finally became the official motto of the United States in 1955 when a joint resolution was passed by the 84th Congress and signed by President Eisenhower. For Christians, faith and trust are closely related to each other and nearly synonymous in some contexts. We trust God to save us from our spiritually-dead state through the faith in Christ’s sacrifice, which he imparts to our inner being by his grace.
Bitcoiners long for a future of world peace, prosperity and brotherhood — the sooner the better. But with or without Bitcoin, that is not going to happen before what Christians call “the Millennial Kingdom,” which is Christ’s return to rule and reign over the universe he created right here on earth. And, as current signs of the times seem to indicate, we probably don’t have much longer to wait.
I see Bitcoin as one of those signs of the times. Even an earthly kingdom ruled by God is very likely to require some form of monetary system, and in my opinion, Bitcoin fills that job perfectly. Probably the closest example we have of what this kingdom will look like is in the Biblical narrative of King David. The Bible describes Jesus as both the literal and figurative “son of David,” meaning that he is the ultimate heir of the Davidic dynasty. All of the ancient world became subject to David’s rulership as the majestic and victorious, yet humble, king of Israel. This is a foreshadowing of Christ’s millennial reign.
Solomon, as direct heir to the throne of David is said to have “made silver and gold as common as stones in Jerusalem…” This points to a complete transformation of the economic system of the time and prophesies the future, as Bitcoin renders all other forms of money obsolete. Further, we can point to the history of the early church, when “…there were no needy persons among them. For from time to time those who owned land or houses sold them, brought the money from the sales, and put it at the apostles’ feet, and it was distributed to anyone who had need.”
I believe that many early adopters of Bitcoin, whose fortunes will exceed even those of the Rothschilds and Rockefellers, will be moved by the Holy Spirit to donate huge sums in bitcoin to those in need around the globe, thus, realizing another Biblical description: “All the believers were one in heart and mind. No one claimed that any of their possessions was their own, but they shared everything they had.”
This is not like modern liberation theology or some religious form of Communism, but a righteous equity that no modern, woke socialism could ever begin to match, because it’s ordained by God himself.
Bitcoiners must learn patience, which comes with developing a low time preference that engenders and complements virtues of thrift, solid work ethic, integrity, faithfulness and love of God and our neighbors. The Bible has plenty to say about these, too.
A poem about time and time preference — presumably written by King Solomon — goes like this:
“There is a time for everything,
and a season for every activity under the heavens:
a time to be born and a time to die,
a time to plant and a time to uproot,
a time to kill and a time to heal,
a time to tear down and a time to build,
a time to weep and a time to laugh,
a time to mourn and a time to dance,
a time to scatter stones and a time to gather them,
a time to embrace and a time to refrain from embracing,
a time to search and a time to give up,
a time to keep and a time to throw away,
a time to tear and a time to mend,
a time to be silent and a time to speak,
a time to love and a time to hate,
a time for war and a time for peace.”
We could fittingly add: “A time to HODL and a time to give away.”
“For what shall it profit a man, if he shall gain the whole world, and lose his own soul?”
This is a guest post by Phil Snyder. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.
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