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
Belief
Creed
Ethics
Politics
7 min read

The Danish Prime Minister is right - the West needs a spiritual rearmament

Christianity should challenge, not reflect, the cultural zeitgeist

Graham is the Director of the Centre for Cultural Witness and a former Bishop of Kensington.

Mette Frederiksen gesture as she delivers a speech.
Mette Frederiksen speaking at Aalborg University.
Aalborg University.

For some time, there has been a sense of crisis in Europe. You can feel it. European nations are re-arming themselves as America turns off the financial tap. They are struggling to manage levels of migration. Young people are losing faith in democracy.  

Yet this is not primarily an economic crisis, or even a political or ethnic one. It is spiritual. And when you start to look for it, you see the signs of it everywhere.  

Take one example. Back in the summer, Mette Frederiksen, the Prime Minister of Denmark announced a national military build-up involving increased defence spending, conscription and so on, all fuelled by the general north European fear of expansionist Russia. While speaking to a group of Aalborg University students soon after, she surprised everyone by saying: 

“We will need a form of rearmament that is just as important (as the military one). That is the spiritual one.” 

She spoke of the discernment needed to tell the difference between truth and falsehood in a world where they were hard to tell apart - and implied this required spiritual wisdom not more technology. Increasing levels of conscription is one thing, but persuading young Danes to fight and even die for anything is another. The problems are not unique to Denmark. Why would Gen Z fight for an economic system that doesn't seem to be working in their favour, doesn't offer them the prospect of owning a home or a stable job, and offers little to inspire any kind of heroism? John Lennon imagined a world with “nothing to kill or die for.” If there is nothing you would die for, there probably isn’t much to live for either.  

Frederiksen’s call is just one sign of the spiritual crisis in Europe. Another is the rise of what is sometimes called ‘Christian nationalism’. Elites may sneer at the flags on lamp posts and the crosses held aloft in populist marches, but these are the visible signs of swathes of people in the UK who feel no-one listens to them, and who regret the loss of the cultural and broadly Christian framework that in the memory of past generations provided the operating system of British life for centuries. Its disappearance since the 1960s and the lack of anything to replace it is a problem. The ‘new atheism’ was an act of cultural vandalism, aiming to destroy faith but with nothing to put in its place. You don't have to believe that Tommy Robinson or even Nigel Farage is the answer to this yearning to recognise the validity of this sense of loss. 

Yet another is what has been called the ‘Quiet Revival’ - signs of renewed churchgoing among (especially) young men in the UK. Revivals of religion usually happen when a community feels its identity and survival is under threat. At such times, people go back to their roots, to available sources of wisdom and reassurance. This isn't yet a wholesale turning to the Church, but it is sign of a yearning for some kind of spiritual meaning, for something sacred – something that can't be bought for money and that has a value beyond what we choose to give it.  

So - back to Mette Frederiksen’s surprising call for spiritual renewal in her own country. Denmark is one of Europe’s most secular nations, Frederiksen is not known as a regular churchgoer, and her Social Democrat party has generally been lukewarm about religion in recent decades. Yet she was honest enough to recognise the problem. If we have told ourselves for decades that there is no such thing as truth, it's not surprising we find it hard to tell truth from falsehood. When we have confidently proclaimed that the most important voice to listen to is our own desires – ‘you be you’ – it is not surprising that that we don’t have any ideals left to live or die for. Young people might take to the streets over climate change or Palestine, but being willing to lay down their lives for something beautiful, sacred, something transcendent beyond all that - even when it has sustained their civilisation for generations? Probably not. And there is no reason to think that Denmark is any different from any other European country. The same is surely true in Britain, even if our politicians are not as perceptive as Mette Frederiksen in noticing the problem.  

So where is an answer to be found? Mette Frederiksen called out to the Church for an answer:  

“I believe that people will increasingly seek the Church, because it offers natural fellowship and national grounding… If I were the Church, I would be thinking right now: how can we be both a spiritual and physical framework for what Danes are going through?” 

Yet herein lies the problem. The Church of Denmark, one of northern Europe’s Lutheran churches, is not exactly in a great state. 70 per cent of the population may be registered members of the church, but only 2.4 per centof those actually turn up in church on Sundays – which makes for an average of 30 people in any local Danish Lutheran church on Sunday.  

In Ireland, the Roman Catholic Church ordained just 13 priests this year. Fifty years ago, 90 per cent of Irish people went to mass every week. Now it’s around 16 per cent. The decline was a self-inflicted disaster as scandals of abuse and cruelty recurred with depressing frequency. The Church of England’s attendance figures are not much more encouraging. And its ability to offer something to live and die for is far from clear. The philosopher John Gray is scathing about the western churches’ captivity to the spirit of the age. He thinks of them as “mirroring the confusion of the zeitgeist rather than offering a coherent alternative to it… this kind of Christianity is a symptom of the disease not a cure for it.” 

That may be the problem - but it is also the opportunity. Christianity is the west’s default spiritual tradition. Nothing goes as deep into the European soul as this. Others come and go, but this faith is in our veins, our landscape, our art and our memory. Time and again, from its early centuries, it has inspired countless people to live lives of selfless devotion. It happened when the Byzantine empire emerged from the ruins of the Roman one, when a new medieval Christianised civilisation grew out of the ruins of the barbarian conquests, or in the reform movements of the sixteenth and seventeenth centuries, or the missionary movements of the nineteenth centuries. Time and time again it has proved a catalyst for wisdom to face the challenges of crisis, for individual self-sacrifice, cultural renewal and a purpose beyond personal fulfilment – something to live - and die - for.  

And it still does. You only have to recall the 21 Libyan martyrs – mostly ordinary Coptic Christians from a simple Egyptian village who were captured by ISIS in 2015, and who chose a gruesome death rather than forsake their faith in the love of Christ – to show how Christian faith gives something not to kill – but to die for.  

I have no doubt Christianity can provide that again. Not as a reversion to something past, but in a new form that is true to its roots, but in a way that will look new – maybe humbler, simpler, purer. 

This is the challenge for such new leaders as Pope Leo and soon-to-be Archbishop Sarah Mullally. And indeed, for all of us who call ourselves Christian. Can we Christians, as John Gray put it, offer a coherent alternative to the confusion of the zeitgeist rather than be a pale reflection of it?  

The future, not just of European Christianity, but also of Europe may depend on it.  

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