Article
Culture
Digital
Economics
Psychology
6 min read

Do you believe in a coin called hope?

From fiat to faith: the rise of crypto evangelism
 An image show a braclet that has a bitcoin symbol beside a cross, a crescent and a Star of David.

“The bridge from chaos to hope.” This was the rather grandiose language used on social media platform X last summer by one prolific tweeter boasting 4.4 million followers. What they were describing, however, was not a religion or philosophy, nor a social movement or political party, nor a breakthrough in medical technology or a self-help technique. Rather, financier Michael Saylor was talking about the world's biggest cryptocurrency, bitcoin. 

Saylor’s profile on X declares that “#Bitcoin is hope.com”. That website contains, among other things, video clips of Saylor talking about how “bitcoin is the manifest destiny for the United States of America”, “bitcoin is economic immortality”, “bitcoin is forever money” and so forth. 

Saylor is in fact just one - albeit a particularly successful one (his net wealth stands at around $10 billion, according to Forbes) - of a number of vocal crypto advocates, trying to explain the huge, transformational impact on society that the cryptocurrency will supposedly have. Their precise arguments can vary, but are often along the following lines: the fiat money system is broken due to manipulation by governments and central banks - for instance through money printing - leaving control of the money supply in the hands of a small group of the rich, while the purchasing power of the general public is eroded; in contrast, bitcoin is incorruptible, not controlled by the government, available to everyone and finite in supply. 

A common thread running through some of the writings and talks of a number of these bitcoin enthusiasts is a quasi-religious language, used to convey bitcoin’s importance. 

Hope.com, for instance, includes a research paper on “The bitcoin reformation”. Its author writes: “It wasn’t until I studied the era around the Protestant Reformation that I felt I’d found a potential blueprint of sufficient scope” to describe what is happening with bitcoin. 

Particularly vocal crypto proponents are known as bitcoin evangelists, while some crypto investors will talk of fellow “bitcoin believers”. They can even drink their coffee from a ‘bitcoin salvation’ mug) (which depicts two winged cherubs holding the cryptocurrency). Non-believing sceptics are termed “no-coiners”. 

Early bitcoin adopter Roger Ver - who has been indicted on fraud and tax charges, which he says are false - is known by the nickname “bitcoin Jesus”. One non-profit decentralised community is named Bitcoin God. 

The precise mix of irony and sincerity being used in such examples is of course debatable and will vary. Nevertheless, among the most fervent crypto investors there appears to be an earnest belief in the transforming power of bitcoin. 

But there may be additional reasons why some of the most fervent proponents instinctively reach for such language. 

“There’s a link with forms of transhumanism - the idea that we’re in the middle of an upgrade of humanity.” 

Dr Roger Bretherton, a clinical psychologist and Seen & Unseen contributor, argues there are elements of tribalism and “the psychology of identity” in some of the most cultic aspects of the crypto world. He sees some similarities there with “old 60s cults of people believing UFOs were going to land in their backyard”, talking about crypto as a cult rather than crypto as a currency.

“People overlap their identity [with a particular movement]. They're saying ‘that's me, that's who I am,’” he said. 

“In periods of uncertainty we seek to find certainty in our groups. We're in an individualistic society.” 

Use of religious language also points to a belief that bitcoin/crypto/blockchain will bring about some form of a radical global change less on the scale of an incremental technological development, and more akin to a transformational religious experience. 

“There's an element of faith and an eschatology attached to crypto: 'this is the new thing that will change the world,'” said Bretherton. 

“There’s a link with forms of transhumanism - the idea that we’re in the middle of an upgrade of humanity - the kingdom of tech is coming. It feels like crypto becomes part of the same narrative. The key question is whether our future lies in technology and power, or in love.” 

For such fervent bitcoin proponents, attempts to rubbish their beliefs are often futile. Indeed, trying to do so may only serve to strengthen the believer’s resolve that they are right. 

“There's a cognitive dissonance,” said Bretherton. “The more ridicule you've had to go through, the more you've given up, the more social difficulty you've gone through - particularly if you've given up a career to pursue crypto - then the stronger your belief. It's the sunk cost fallacy.” 

So far, bitcoin believers have proved the doubters wrong. The price of the coin has gone from less than $20,000 in the wake of the collapse of crypto exchange FTX in late 2022 to around $118,000 at the time of writing. Saylor has turned MicroStrategy (now known as Strategy) - the company of which he was CEO in 2020 when he decided to use it to buy and hoard bitcoin - into a $110bn market cap firm that has spawned many copycats.  

But what importance bitcoin eventually assumes in society is still very much an open question. It has not yet become a form of payment for our morning coffee or for buying a house, and maybe it never will. Whether it can really function as “digital gold”, a hedge against inflation or “a bank in cyberspace” (as Saylor calls it) is debatable. But it has already made huge strides, soaring to a market price well above what most people would ever have imagined. In July, US Congress passed a landmark bill regulating stablecoins - a type of cryptocurrency pegged typically to the dollar - in what is being seen as a huge step forward for the industry. 

Nevertheless, it seems likely that some of the wilder claims made about bitcoin may not come to pass. What happens if true believers are left disappointed? 

Bretherton says such belief systems have to subtly change their “metanarrative” as and when they do not deliver on initial promises. 

“It can't make predictions that can be shown to be false,” he said. “If crypto doesn't deliver its promises in the future, it has to find another way that's softer but which lasts. So it either collapses or it finds a way to become more nuanced."  

Whatever importance bitcoin eventually assumes in society, our desire to put our faith in it - or in anything else - reveals something deeper about our human nature. 

In the Bible, the book of Ecclesiastes explores humankind’s attempts to find meaning in human lives without God. The main character tries career, pleasure and wealth. But ultimately, they find that these things are just “meaningless”, “vapour” or “chasing after the wind”. 

That search for meaning, for the eternal, is inbuilt in our character. As the book’s author puts it: God has “set eternity in the human heart”.  

We are not designed merely to be born, to live and then to die. Instead, each one of us has been created with an inherent desire to know if there is something eternal out there, and to find out whether we can be part of that story. Crypto cannot offer us that salvation. The only thing or person who can, the author of Ecclesiastes would argue, is the One who put that desire in us in the first place.  

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Article
Books
Culture
Original sin
Trust
6 min read

When the penny drops, on the Salt Path or a London street

Being taken in unleashes dark, unpalatable emotions

Susan is a writer specialising in visual arts and contributes to Art Quarterly, The Tablet, Church Times and Discover Britain.

A painting show Adam and Eve wide-eyed after the fall.
Paradise Lost, Emil Nolde, 1921.
Nolde Foundation Seebüll.

Doubts about the honesty of The Salt Path, Raynor Winn’s memoir of walking the Southwest coastal path with her ill husband Moth, have raged in the past weeks. Investigations revealing the duo’s real names, financial history and the medical unlikelihood of the reversals in Moth’s degenerative condition, as presented in the book, provoked thousands of readers to express anger and disappointment at being duped. But being taken in and learning from it is part of being human: a lesson in how to trust more wisely, rather than not trusting at all 

Last summer I was scam mugged on my local high street. Passing a frail pensioner pulling loose notes from his pocket, I picked up his fallen tenners and returned them. Six steps later, a woman shrieking I’d thieved her “granddad’s” money grabbed my arm. Cue a few minutes of struggling and shouting, before I got away, bruised and humiliated, but still gripping my bag. Vowed afterwards to always walk on by if I saw someone needing help on London’s streets, as it could be a set up. 
But this detachment didn’t last. Being a goodish Samaritan is hardwired, even on the capital’s occasionally mean streets. We want to support and connect with our brothers and sisters. Withdrawal from our fellow citizens makes us more unsafe, not less. As Kaya Comer-Schwartz, London’s Deputy Mayor for Policing and Crime, said: “The safety of our town centres is more than just policing – it's about building stronger, more connected communities where everyone feels secure.” 

Certainly, a police officer would have been a welcome sight while tussling with my would-be conwoman. But I was grateful to the handful of people who stopped, as they would be my witnesses if the assailant went full mugger, in frustration that the ploy for me to open my bag had gone awry.  

Memoirs also entreat us to bear witness, explaining the betrayal felt by some of the Salt Path’s two million readers who invested emotion and empathy in its uplifting tale of a hard -done -by couple finding solace in nature. Identifying with the memoir’s midlife, everyman duo and believing a long trek through the Southwest is a silver bullet for homelessness, financial woes and degenerative medical conditions, does not make the Salt Path’s former fans saps, it makes them beautifully human.  

Raynor and Moth’s unmasking as Sally and, still remarkably healthy, Tim Walker, who lost their Welsh farmhouse following accusations of embezzlement against Sally and owned a property in France when claiming to be homeless, has lifted the lid on the publishing industry’s hunger for real life stories, with morally simple, feelgood narrative arcs. Bonus points if the tale includes a “nature cure”, where nature is not just a balm for grief and pain, but somehow vanquishes it altogether. Fact checking takes a lower priority than shaping a story into a series of emotional hot button scenes, with a neat, satisfying ending. And publishers may be guilty of their own sleight-of-hand by incentivising booksellers to personally recommend to customers a list of predetermined titles, creating the aura of ‘word of mouth’ hits. 

Mean Girls’ great line “Jealous much?” captures journalists’ enthusiasm, mine included, for the Salt Path scandal. How can bestseller success pass over writers with have spent decades crafting phrases like popular orange vegetable to avoid writing carrot twice, yet shine on Raynor/ Sally’s repetitive, clunky prose? ”We lost. Lost the case. Lost the house.” Her dizzying ascent from unknown debut non-fiction author, with only a piece in the Big Issue to her name, to a book deal with Penguin, seems to other writers a mystery as great as anything in her trekking tale. 

Feeling deceived unleashes these dark, unpalatable emotions such as envy and desire for revenge. I long nourished fantasies of catching the scammers in action and deflecting their next victim by shouting “Look! Granddad’s dropping his money again,” before handily nearby forces of law and order brought them to book. Even if you lose little materially from a con, the loss of dignity and sense of agency from becoming a mark, a manipulated, dehumanised bit player in another’s exploitive narrative, takes time to get over.  

Popular accounts of online romance fraud feel designed to give audiences a sense of superiority, ‘I’d see that coming a mile off’, over the victims, reinforcing their sense of shame. Yet evidently with many thousands being lured by romance fraud, the perpetrators use effective psychological coercion techniques. Omniscient superiority needs to be replaced with empathy and support for fleeced, broken-hearted victims. 

Grifters are part of life, but their reductive, empathy-free, world view does not have to be. As singer Nick Cave’s counsels, cynicism is not the answer: "Cynicism is not a neutral position — and although it asks almost nothing of us, it is highly infectious and unbelievably destructive. In my view, it is the most common and easy of evils.”  

Religious origin stories, including the Garden of Eden, contain an element of falling for a trick. Eve does the serpent’s bidding, and she and Adam are banished from paradise. “So he drove out the man; and he placed at the east of the garden of Eden Cherubims, and a flaming sword which turned every way, to keep the way of the tree of life.” Emil Nolde’s painting Paradise Lost, 1921, catches perfectly the moment the penny drops with Adam and Eve on the consequences of falling for the serpent. Yet by the following chapter of Genesis they start a family, moving on with life with new insight. 

To never confront disappointment would be to remain as an infant, without the opportunities to grow and develop as adults. 

In the Good Samaritan, one of the best-known parables, Jesus transforms the categorising question ‘who is my neighbour?’ into the universal quest of ‘how can I be a better neighbour’? Our bonds with our communities, a sense of shared humanity are the best, possibly the only defence, against those who would mislead us or do us harm. 

Celebrated American journalist Ira Glass said: “Great stories happen to those who can tell them.” Published in 2018, The Salt Path’s direct, film-like scenes of survival against the odds and against the elements, would have resonated with all the people who saw their security and lifestyle nosedive after the 2008 financial crash, never to recover. Suspending disbelief, Raynor and Moth’s 620-mile wild camping trek, represented a symbolic railing against a heartless economic system. 

My experience of the penny dropping a fraction too late to escape the scammers, has made me revise my self image as a streetwise Londoner. On my way to pick up holiday money that afternoon, my head was full of travel plans rather than focused on the here and now, a tendency I must curb.  

If my assailant was writing her memoir I like to think our scrap would be the opening chapter, where she is at a crossroads of having to mug somebody in broad daylight, with a small, attentive audience, or rethink her street hustling career. Dressed in a fake leather biker jacket on a hot summer day - the smell lingers in my olfactory memory - her outfit was possibly an homage to Catherine Zeta Jones’ catsuit in Entrapment. As we know from all the TV series on con artists, looking the part is key. 

 Finding out the reality of her life since I broke free of her grip 11 months ago would not be hard, as she is now stationed outside Premier Foods by the tube station, in much scruffier clothes, asking for a pound for water. This sideways, or probably downwards move, in the street economy appears to be working out for her, and the peace of the neighbourhood. 

Despite having lived in small rural communities for decades, throughout all The Salt Path controversy, nobody has come forward to say the Winns / Walkers were good neighbours. Setting this right could be their next adventure and next bestseller. 

Support Seen & Unseen

Since Spring 2023, our readers have enjoyed over 1,500 articles. All for free. 
This is made possible through the generosity of our amazing community of supporters.

If you enjoy Seen & Unseen, would you consider making a gift towards our work?
 
Do so by joining Behind The Seen. Alongside other benefits, you’ll receive an extra fortnightly email from me sharing my reading and reflections on the ideas that are shaping our times.

Graham Tomlin
Editor-in-Chief