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
Mental Health
Spiritual formation
7 min read

We have become myopic when it comes to prayer

We have scienced the s**t out of how to talk to God
A woman stands against a sparse white background looking up.
Guilherme Stecanella on Unsplash.

When I was a kid in the eighties, Japan belonged in the realm of science fiction. The Land of the Rising Sun was the land of bullet trains, robotics, the Sony Walkman, the home of Sonic and Mario. British engineers and technicians learned Japanese to avoid being left out when the inevitable Nipponese future arrived.  

In recent years the news has been more concerning. One and a half million young Japanese people have become hikikomori, locked in their rooms in extreme isolation. The birthrate has bottomed out. Loneliness is pandemic, with restaurants designed to serve food to diners without needing to meet another person, not even a waiter. Yet Japan remains a place of profound spiritual heritage. Even its cultural exports reflect this. Take Studio Ghibli. There is a word for the moments of quiet contemplation that punctuate their films- ma. It’s the Japanese concept of the interval or space between things. A moment to breathe. If Pixar warms our hearts, then Ghibli heals our souls. 

One of the most impressive people I know is Japanese. When asked about his upbringing he is characteristically understated. His parents, he says, were very religious. What he means by this is that they were practicing Buddhists and by the age of three he was meditating with them for hours every day. He now speaks multiple languages, has worked in universities all over the world, and has single-handedly taught more people psychological wellbeing skills than anyone else know. He carries himself with an elegant and compassionate poise that gently permeates any room he enters. He’s very, well… zen.  

No doubt my characterisation of Japan is deeply culturally ignorant, unencumbered by any actual awareness of the economics and sociology that have determined the nation’s profile in recent decades. Chief among my many ignorances was the idea that the practice of meditation was widespread in Japan. You couldn’t throw a stick in Kyoto, I assumed, without hitting half a dozen robed monks perched on a rock. But it turns out I’m wrong. When I ask my friend, freshly returned from leading a retreat on Mount Fuji, if his meditative upbringing was typical, he says it wasn’t. It was very unusual. The notion of religious affiliation is not well matched to the complexity of Japanese culture, but more than one commentator has wondered whether the dominant ideology is not Buddhism, nor even Shinto, but Materialism. 

Perhaps then it is not a complete surprise that in a recent study of more than 200,000 respondents from 22 countries, Japan is ranked last of those who report praying or meditating daily. According to this analysis, only 10 per cent of the Japanese population pray or meditate each day, just behind Sweden on 11per cent and Germany on17 per cent. Nigeria comes top of the list, with 92 per cent of the population reporting daily prayer or meditation (a result which tempted me to wonder whether the study had measured prayer in decibels rather than percentages. If like me, you’ve been fortunate enough to join Nigerian Christians in prayer, you will know what a joyously raucous occasion that can be). The national data equally represents Nigerian Muslims engaged in daily salat. Even more so the data from Indonesia, ranked second with 84 per cent of the population reporting daily prayer. 

Roughly halfway down the table of results there is a sort of break, a statistical chasm if you like. Brazil is listed as 10th on the list with 65per cent of the population praying/meditating each day and then, after a bit of drop, Mexico and the United States come in as the best-of-the-rest at 48per cent and 42per cent respectively. The UK hovers just above the relegation zone, fifth from the bottom at 24per cent. If this was the Premier League, we would be Everton. Not good enough to win, but not great at losing either. I support Everton. They are my team. I pray a lot. 

Of course, the major thing the authors had to clarify in their first few sentences was whether they were right to treat prayer and meditation as the same thing. Many people would argue they are different things. Prayer is usually directed towards one or more divine recipients. Meditation may include the quietude and introspection of prayer but does not necessarily require a theistic focus. The authors argue – I think rightly – that while prayer and meditation can be differentiated, they are similar and overlapping practices, which psychologically perform similar functions. They have both been linked with similar outcomes for those who practice them: increased psychological wellbeing, higher gratitude, greater purpose in life, reduced aggression, greater social connectedness, longer life expectancy, and so on. And this research certainly confirms demographic findings across cultures. Those who pray or meditate daily are likely to be elderly, retired, women, homemakers, and regularly attend religious services. 

We’ve become myopic. Our technical prowess occupies the foreground, but the infinite mysterious background is chronically out of focus. 

The reason this research interests me so much is because prayer and meditation – which are pretty much the same thing for me – are the most important things I do, but probably the ones I talk about least. So when I read that one-in-four people here in Britain are praying or meditating every day, I’m surprised twice. First surprise: so few people pray. Second surprise: more people are praying than I thought.  

The first surprise is the realisation that it simply does not occur to many people to pray, even in situations when a bit of prayer would come in quite handy. This hit me most strongly when I watched Matt Damon playing The Martian. Stuck alone 140 million miles from home, he survives by growing potatoes in his own faeces, but at no point in his isolation does it ever occur to him to pray. Faced with a seemingly insurmountable problem he opts (in his words) to “science the sh**t out of it”. Personally, if I were stuck on Mars I would science the sh**t out of it and pray the sh**t out of it - though I suspect overcoming the disgust of wolfing down potatoes smeared in excrement would feature prominently in my daily devotions. But I can’t imagine not praying. I mean, Tom Hanks couldn’t survive two minutes on a desert island without worshipping a volleyball. Hopefully I’d do a bit better than that. 

Much of the daily prayer recorded internationally was corporate not solitary: people gathering to pray or meditate, not sneaking off to do so in secret. But there is something about praying alone that captures my imagination, that is both enthralling and intimidating. William James famously defined religion as what we do with our solitude. We are who we are when we are alone with God and no more, claimed C.S. Lewis. And mystics down the millennia have loved to cite the definition of prayer offered by Plotinus, the flight of the alone to the alone. Praying alone ups the stakes. Because if there is no God and we make time to be alone, we are truly alone. If there is no God and we whisper our deepest desires into the darkness with no one to hear them, we are exposed as ridiculous creatures wasting our breath. Not meeting with God, just talking to ourselves. 

Praying together is good, but it can be distracting, too susceptible to the mixed motives of impressing, appeasing or opposing others. Jesus was aware of this tension. His advice not to pray publicly for spiritual status, but rather to find a secret space where God could be found in secret, is pretty exacting. He knew that the danger of praying in a group is being satisfied with social rather than spiritual reward. To settle for the impression our prayers make on those around us, rather than surrendering to the impression God would make on us. 

So maybe all that worrying about Japan is really just a projection of my own hopes and fears for people closer to home. On the one hand I worry that we have scienced the sh**t out of our ability to pray or meditate. Everything is a problem to be solved. We’ve become myopic. Our technical prowess occupies the foreground, but the infinite mysterious background is chronically out of focus.  On the other hand, I find solace in knowing that every fourth person I pass in the street may have some inkling of what it means to connect with a deeper reality in prayer or contemplation. It gives me hope. Hope that wherever we are, whatever we are doing, whenever we wish to, there is always time to take one long deep breath in. And without fanfare or posting to Instagram, exhale our love, our worry, our sadness, our gratitude to the one Jesus called Our Father in secret. 

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