What the Bible says about Bitcoin
In 2017 Bitcoin exploded on the global economic scene like a massive fireworks display. Suddenly, pundits and newly minted bitcoin billionaires appeared on talk shows to explain the phenomenon and bask in the glory of newfound wealth created by a mysterious new technology called the block chain. Hundreds of other so-called cryptocurrencies seemingly appeared out of thin air with billion-dollar market caps of their own and entirely new ways of doing business. The relatively unknown phenomenon that seem to come out of nowhere was suddenly the most valuable currency in the world at nearly $20,000 per coin.
But what is driving this unprecedented push towards a cashless society? Where did it come from and why now? Is it a good investment or a Ponzi scheme? And what does this have to do with me, my family and my finances? Finally, what does the Bible say about Bitcoin?
Ask any kid if Bitcoin is in the Bible and they’ll probably look at you sideways, then say something like, “don’t you know it wasn’t even invented ‘till after the bible was written?” They are of course, correct. The words Bitcoin and Cryptocurrency are definitely not in the sacred scriptures. However, the economic principles and science behind the new digital currencies are as old as human history itself. Principles such as private ownership of property; the freedom to trade and profit with others without government interference; debt forgiveness and negotiated contracts. Bitcoin’s overall part of the divine economy is small, but it plays a part, nonetheless. So even if Bitcoin isn’t in the Bible, the Bible is in Bitcoin.
What is Bitcoin?
Bitcoin is the first digital currency developed using blockchain technology to secure personal assets. It was created in response to the collapse of the US housing market in 2008 as homeowners, banks and investors saw trillions of dollars of equity vanish overnight. When the housing bubble burst, mortgage bonds lost their value, asset prices fell, banks stopped all lending even to each other and the global economy ground to a halt. Business failed, home loans foreclosed, and lives were turned upside down in the ensuing chaos as the economic tsunami reverberated around the world.
BLOCKCHAIN is a distributed ledger system is used to facilitate and track transactions and guarantee honest and fair trade across the system. Bitcoin and thousands of other so-called “altcoins” use BLOCKCHAIN technology to create digital currencies that aren’t controlled by a central government or agency. They act as a store of value and provide something that Fiat currencies don’t – they provide true ownership of tradable digital assets. Assets which are unencumbered by liability, fungible, etc. and as such can now function as a form of digital real estate.
Characteristic of Bitcoin
- Provides easy access to capital
- Recognizes individual property rights and principles of sovereignty
- Decentralized and not controlled by a centralized bureaucracy
- No arbitrary confiscation of property
- Value is contributed by community members, which sustains the community’s economic viability, and for the good of all.
- Members contribute value to the community voluntarily
- No taxation income, wealth or expenditures
- Fair and transparent dealing
- Democratic and inclusive governance
- Competitive markets and price discovery
- Limited role for central government
- Profit motive is okay
- Productive work is encouraged and incentivized
- Individual wealth is a good thing
More Than Meets the Eye
Common sense tells us there is more to this phenomenon than meets the eye. But is it possible that the emergence of Bitcoin along with its’ profound impact on the global economy are connected to the celebration of Jubilee in Jerusalem in 2017? This might sound crazy but Bitcoin’s meteoric rise to $20,000 per coin took place during 2017 and coincided with the Jubilee celebrations in Jerusalem. This massive creation of wealth was built as a digital currency that was itself built from the rumble of the housing market collapse between 2009 – 2010 and has yet to be properly explained. But it’s clear to see that the creator(s) of Bitcoin understood the value of unencumbered assets, private property rights and the individual liberty – the same principles that are laid out in God’s divine economy.
Characteristic of Jubilee/Biblical law
- Few constraints on trade
- Regulation of commerce was limited (religious, temple, Sabbath)
- General acceptance of a free market on goods and services
- Just weights and balances – Expectations of fair, open, honest and transparent business dealing and transactions
- No notion that trading for profit was wrong
- Supportive of competitive markets and price discovery as a result of free markets and open trade.
- International trade okay
- Limited role for central government
- No centralized taxation on income, wealth or expenditures
- A 10% voluntary contribution (tithe) was sufficient for local poverty relief and other civil and religious obligation of the community Property rights were strongly supported
- No centralize bureaucracy means no arbitrary confiscation of property or barriers to free trade.
- Productive work and the individual accumulation of wealth is incentivized.
Clearly, Bitcoin and Jubilee have a lot in common. Both are decentralized, community-based economic models that support private property rights; free trade and fair, honest commerce with little or no government interference or control. In fact, when compared side by side their characteristics overlap and are nearly identical.
Manifestations of the Jubilee Effect
2017 was a remarkable year by anyone’s standards and Bitcoin/cryptocurrency was just one of the manifestations of the Jubilee Effect. Trump’s historic win in the 2016 Presidential election is seen by many as the merciful answer to prayer for God to heal our land. Since Trump became President, the Stock Market skyrocketed to multiple all-time highs adding trillions to the US economy. Massive deregulation, tax cuts and renewed hope sent the US economy soaring and unlocked trillions of corporate dollars held hostage overseas for decades by outdated and confiscatory laws and tax codes. From Alaska to Florida, thousands of square acres of land and the natural resources they contain were liberated from burdensome government regulations and given a new lease on life. Some of the farmers, ranchers and other small businesspeople present at the deregulation signing ceremonies wept openly as their property was returned to them.
And there was weeping in Jerusalem as well when President Trump announced the decision to move the U.S. Embassy to Jerusalem and recognizing Jerusalem as Israel’s eternal capital. This one fact alone has enormous significance and was cause for great rejoicing in the land. There is no doubt 2017 was a momentous year; the Jewish people have returned home, the trumpet of Jubilee has sounded, their land and now Jerusalem has been restored to them.
Donald Trump’s first action as President was to sign an executive order canceling the Mexico Policy. Under this policy, American tax dollars have been sponsoring international abortion mills under the guise of planned parenthood for decades.
Yes, 2017 was a very good year. The Year of Jubilee and of Bitcoin has arrived!