Bitcoin and the Bible

After I attended Bitcoin Day 2022 in Sioux Falls a few months ago, I’ve been learning more about money and the moral reasoning around Bitcoin.

I believe that the Bible is sufficient to help us to form a world view about all things in the world that God has created and given humans the ability to create.

"3 For I delivered to you as of first importance what I also received: that Christ died for our sins in accordance with the Scriptures, 4 that he was buried, that he was raised on the third day in accordance with the Scriptures," 1 Corinthians 15:3-4 ESV

First of all, Bitcoin can do nothing of eternal importance, unless you first repent and believe in the name Jesus.

"for all have sinned and fallen short of the glory of God" Romans 3:23

"37 Now when they heard this they were cut to the heart, and said to Peter and the rest of the apostles, "Brothers, what shall we do?" 38 And Peter said to them, "Repent and be baptized every one of you in the name of Jesus Christ for the forgiveness of your sins, and you will receive the gift of the Holy Spirit. " ~ Acts 2:37-38

"5 Keep your life free from love of money, and bbe content with what you have, for he has said, “I will never leave you nor forsake you.” 6 So we can confidently say, “The Lord is my helper; I will not fear; what can man do to me?” ~ Hebrews 13:5-6

Learn more about the Good News (Gospel) from The Story.

The Bitcoin and the Bible Podcast has in depth discussions of Bible passages and how it applies to money, economy, justice, equity and much more. I’m half way through season 2 and have appreciated their insights. I’m seeing that many of the aspects of Bitcoin are related to God’s law and constrain sinful human desires. There is much more for me to learn and consider. I’ve only shared a small amount here, but you can find much more from their website and podcast.

Bitcoin definitely leads to a rabbit hole. Money is intertwined with most of our life, so there is much to learn about.

Some Highlights

• If you’re new to the idea of Bitcoin, the podcast in episode 3 has a helpful story called Bitcoin Island
• The history of money, the need for it for trading is fascinating and deep
• I’m now thinking differently about fiat money (like the $) that can be created from nothing, creating inflation and debt. (relative value calculator In 2020, the relative values of $1,000.00 from 1982 ranges from $2,310.00 to $6,250.00.)
  • numerator is how many dollars you have, the denominator is how many dollars exist. Therefore, as the government/FDC creates more money, you have less value stored.
• Everything isn’t becoming more expensive, but the $ is becoming worth less as there are more created from the central bank and loans.
• Work is an important aspect of human life.
• We want to be able to save our life energy we put into work into the future. This is made very hard with inflation.
• Debt is not a good thing and I should not just keep my mortgage because it has a low interest rate (Proverbs 22:11 “The rich rules over the poor, and the borrower is the slave of the lender. “)
• I want to save effectively so I can be generous now and in the future with a right attitude of trusting in God. It’s all his money. “Seek first the kingdom of God and his righteousness, and all these things will be added to you.” ~ Matthew 6:33
• I need to Love God first, my family, others before thinking/learning about Bitcoin (or other knowledge).
• There is much more to learn and always will be.

Bible Verses

• “Your silver has become dross, your wine mixed with water” - Isaiah 1:22
• “A just balance and scales are the LORD’s; all the weights in the bag are his work.” - Proverbs 16:11
• “Unequal weights are an abomination to the LORD, and false scales are not good.” - Proverbs 20:23
• Shall I acquit the man jwith wicked scales and with a bag of deceitful weights? - Micah 6:11 I’ve copied these from ESV.

The Kingdom of Heaven is more important that Bitcoin

“Do not lay up for yourselves treasures on earth, where moth and rust destroy and where thieves break in and steal, 20 but lay up for yourselves treasures in heaven, where neither moth nor rust destroys and where thieves do not break in and steal. 21 For where your treasure is, there your heart will be also.” Matthew 6:19-21

“How much better to get wisdom than gold! To get understanding is to be chosen rather than silver.” - Proverbs 16:16

Thank God For Bitcoin Book review

I read Thank God for Bitcoin after I was told the Sioux Falls Bitcoin group was having a weekly book study. I didn’t make it to the discussions (I’m sure they would have been helpful), but did ask two of my brothers in Christ at our church to read it from a critical/new to Bitcoin viewpoint.

I thought the book was well done, informative, worth recommending and short introduction to the history of money, the current problems with fiat, inflation, greed, theft and how it hurts our modern societies. I’m thankful that this book was available for me to learn from. There were many Bible references, but a lot of them were used out of context and are more connected to our spiritual life and standing through Jesus than money. However, reading how money affects so many parts of our lives was helpful.

I would have liked to see a deeper dive into God’s Word, but I’ve balanced that with Bitcoin and the Bible. Maybe they should put their materials together to create a more in depth book.

A friend’s review

“Hey I just about finished the audio book and I thought I’d give my impressions. The authors in my opinion are coming from a moralistic worldview. They make some interesting points about the various monetary systems, but their conclusions about whether one system is more “moral” than another seemed stretched. Maybe they are just in a hurry to prove a point, but I have a lot of trouble following them from a stated fact to their assumed cause or remedy. I think they assume too much without really making the connections needed to prove their conclusions. Their worldview was especially clear near the end when they started making statements such as the “redemptive” properties of bitcoin. It seems like they are putting too much emphasis on creating a redeemed moralistic society through the adoption of certain systems, especially bitcoin. Somewhere in the middle of the book they quoted from the beatitudes and stated something close to gospel truth that the change that we need is a change of our hearts but their arguments throughout the rest of the book are contradictory claiming that our society can be changed through these external compulsory factors.

It’s clear that they like bitcoin and that’s ok but I think they should have made that point and stopped with that!” ~ Patrick

In June, 2023, they started a podcast

Logical Connections

This is my attempt at connecting thoughts through two different world views.

From a Moralistic World View

This is my interpretation as the main point of “Thank God for the Bible”.

Since our current money is fiat and fiat is theft/bad and tied to most everything we do

then / this leads to

corruption + power + the Cantillon Effect + theft + love of money + greed + reliance on debt and government

if / since Bitcoin constraints these behaviors through the principles, code and network

then / this could/should lead to

a more moral, equitable, just society

that will make people and their lives better and easier have life, liberty and the pursuit of happiness.

From My Biblical and Gospel Centered World View

Start with the Good News Gospel. All have sinned (Romans 3:23), God so loved the world, that he sent his Son that whoever believes in Him, should not perish but have eternal life. (John 3:16).

God created man. Man rebelled (the fall, sin entered the world)

then / this leads to

corruption + power + the Cantillon Effect + theft + love of money + greed

then / this leads to

fiat, inflation, theft, reliance on debt and government, bad society

Only Jesus’s life, death and resurrection (Grace!) can save and redeem us from eternal death but also the effects of sin in this world (Sanctification)

and gives eternal life, a new man (Sanctification), and so much more. The new man in Christ still sins, but is becoming more like Christ (loving God, others, growing in generosity). If all were re-born, then Bitcoin would be unnecessary.

However, since sin remains (until Christ returns) and not all believe then Bitcoin has constraints of behaviors through the principles, code and network could be very beneficial globally for life, liberty and the pursuit of happiness, offering hope for the future. However, Bitcoin cannot solve all the problems of humanity on its own.

More to learn

There’s a lot of trails to follow in learning more about God, the Bible, money, economy, society, helping others, etc that are connected with Bitcoin. I am definitely lacking in knowledge and wisdom on all these topics. I’m open to learning more and adjusting my thinking as long as it stays consistent with the Bible.

I first heard of Gary North in Teach All The Nations and appreciated his Biblical and economic knowledge. He has many books, of which I would like to read at least one (we’ll see how long it takes. There are always other things that need time and I need to keep my priorities straight). I read a few pages of Honest Money from 1986 and it already matches with what I’ve read about from Bitcoin sources. He studied economics and the Bible for 61 years with Austrian economics. His books are available for free

Here’s another review of Thank God for Bitcoin of many out there.

Honest Money

I read the Free Honest Money book in October, 2022. This book was written in 1986 by Gary North. It was interesting how closely I was able to follow it after my Bitcoin learning over the last few months.

Here are some highlights (in the quicker bullet proof fashion I use often)

• You don’t get something for nothing
• In Isaiah 1:22 and beyond, the prophet Isaiah condemns the “spiritual condition of the people” by pointing out “Your silver has become dross, your wine mixed with water” (Isaiah 1:22). The leaders and people had debased the currency which lead to lower quality and cheating.
• silversmiths started mixing in tin to coins and were able to benefit for awhile by cheating. Wine makers did similar things. (Cantillon effect)
• Honest Weights and Measures are very important to God and are in His Laws
• Inflation is a dishonest measure and is stealing
  • Inflation leads to lower quality goods.
  • price controls won’t work
  • Consumers bid for prices. If they have more money, they’ll pay more for goods and services.
• Fractional Reserve Banking is very problematic and breaks Exodus 22:26-27 law against multiple indebtedness
• Deposit $100, the bank puts 5-10% in reserve, then loans out $90. This continues on and on
• We have a huge debt problem (even back in 1986, it’s even bigger now up to $400 Trillion)
• The Bible has a good approach to the economy and lending. He ends each chapter with ways he thinks it should be applied
• “Money is a very important social institution. It was no more invented by a government than language was” page 26
• The government has handed power to the Central Banks to create and control money. Neither of them should have this monopoly on money.
  • I think Bitcoin is the only thing that could enable this, but Mr. North points out that money could be anything that the market decides to use
• “The reason interest rates were so low is that the banks were counterfeiting money and lending it out. They didn’t have to pay depositors any interest, and they were taking in interest. It was so easy. The day of economic judgment arrives. Businesses go bankrupt. Others lay off employees. Everyone has to adjust to the new conditions of supply and demand. The inflation is over; deflation has come. Some bank notes (warehouse receipts) are worthless. They aren’t money any more. People who held them have lost their money. They stop spending as much as before. ‘Does this sound familiar?’ It should. It’s called a depression. And there is one cause, and only one cause, of depressions: prior inflations. The good days looked so good; the bad days look so bad. People were lied to. The counterfeit warehouse receipts were promissory notes, and these promises were lies. The reality of the post-lying era is like a hangover after a night of reveling. But it is reality. The drunk, like the businessman, should be thankful for it. They seldom are. Look, depressions are hard” page 86

Gary North on Bitcoin

I got to the end of Honest Money and wondered what Mr. North would think about Bitcoin. I was surprised he thought Bitcoin was a Ponzi scheme and no good. All you have to do is Search his site with bitcoin as the keyword.

Others disagreed and responded directly to his claims: https://libertarianstandard.com/2013/12/01/ponzi-logic-debunking-gary-north/ and https://www.caseyresearch.com/daily-dispatch/gary-north-bitcoin/.

The Mission Bitcoin Podcast

In August, 2022 I started listening to The Mission Bitcoin Podcast. In October, I listened to A discussion with GIGI! We talk Bitcoin, Christianity, and trees! and was struck by how Gigi connected Bitcoin to religious themes. Patrick Melder does a great job listening and keeping open supportive communication while sharing that God is the creator and Jesus is “the Way, the Truth and the Life”. Bitcoin is pointing towards the ultimate love and truth, which is God and the Word of God.

Can Bitcoin be a part of the Great Awakening? A fascinating discussion with Lance Hancock.. He has a solid grasp on the history of the Church. It was interesting to hear the idea that the prophecies all took place in AD 70 with the destruction of the temple. I have much to learn and think about that topic. I am hoping that Bitcoin will be a venue for sharing the Gospel and that all parts of my life (including this blog) are as well.

The Christian Case for Bitcoin by Patrick Melder

I recommend this book to anyone who is interested in Bitcoin and Christianity. Patrick Melder uses truth and logic to show the Bitcoin does point to the “Truth, the Way and the Life” (Jesus). Without Jesus, Bitcoin may improve life on earth, but still all is lost for eternity.

https://67corvette.medium.com/bitcoin-for-churches-2611d08657dd

The Bible and Bitcoin: A Theological Exploration of Human Time, Energy and Bitcoin - Alin Armstrong (@pastorcoin on X)

The Bible and Bitcoin: A Theological Exploration of Human Time, Energy and Bitcoin is new in 2023 and a very good introduction to inflation, Bitcoin and how “the Bible calls for a just and equal monetary system, free of fraud and deception”.

A main idea/rubric Pastor Armstrong raises is, Which category/verse would you put fiat in? Which category/verse would you put Bitcoin in?

“A just balance and scales are the LORD’s; all the weights in the bag are his work.” - Proverbs 16:11

OR

“Unequal weights are an abomination to the LORD, and false scales are not good.” - Proverbs 20:23

Getting Started

To get started with Bitcoin, I have an Introduction to Bitcoin article, read from Bitcoin and the Bible (and listen to their podcasts), I recommend buying over time with Swan Bitcoin (which has low fees and was easy to setup ACH) then moving it to cold storage you control).