Bitcoin as a religion
“Bitcoin fixes everything”, or “TINA- There Is No Alternative” are common phrases thrown around the crypto/twitter sphere. That is apart from “GM- Good Morning”, “WAGMI- We Gonna Make It”, “HODL”, “Diamond Hands”, “FUD- Fear, Uncertainty and Doubt”, “NGMI- Not Gonna Make It”, “Number go up”, “Money printer go brrr”, “Not your keys, not your coin” and “Nocoiner”.
With its own lingua franca, its mysterious creator as Satoshi Nakamoto, the fanatical devotion of its followers and its holidays and its rituals like the red lasers rays followers added to their portraits with the hashtag #LaserRayUntil100k that started to trend last year. The laser eyes indicated an internet led bitcoin ritual and culture. Kind of like a signifier to others that you believe, it was also meant to drum up awareness and cause FOMO (Fear Of Missing Out) in nocoiners that ends up pushing bitcoin’s price to $100,000.
What I am alluding to is that, Bitcoin bares a striking similarity to a religion or cult. Pick your fav.
The rise of Bitcoin since its inception 12 years ago has been baffling to onlookers. As a currency, Bitcoin is not backed by any government, or even any commodity. Its value derived entirely from the continued faith that people who own Bitcoin have in its future. A decentralized future, where one gets to operate beyond borders and have access to financial freedom.
A normie to the space maybe confused as to the fervor possessed by its adherents and the faith in some electronic currency. But that is a question of value and as such, it is determined by the many users or “hodlers” in this case. The value has been rising exponentially, as various countries, celebrities and entrepreneurs begin to adopt it as a means of exchange and as a store of value on their respective balance sheets. This has encapsulated the declining loss of faith in fiat currencies and traditional governance structures, as bitcoin singularly has come to represent real hope and change (not like Obama’s campaign slogans), real innovation that can improve peoples lives and give them financial sovereignty.
Some view this new belief or religion as a negative aspect or feature but one could argue against the notion. After all, there has to be a certain belief in a flag, or corporation in order for citizens or workers to be coalesced under. In fact, I would propose that it is essential to believe in ones project or idea to be able to see it flourish, so why not with the idea of bitcoin?
As previously stated, bitcoiners are mainly united under the shortcoming, failings and corruption embedded in the existing dollar denominated financial system and this has given many the route and reason to denounce the old system that appears not to work for the many but for the few. This is one of the principles behind sound money that gold bugs touted for years. The narrative finally found a home in the “digital gold” called bitcoin.
With respect to Austrian economists, gold advocates, etc. Bitcoiners generally tend to lean libertarian, even anarchist in some cases. There is still an ongoing debate between the concepts of personal liberty and state-granted permission as evident in the web3 conversations started by Jack Dorsey and Elon Musk reagrding the influence venture capitalists have in crypto sphere.
This highlights its inherent philosophical ideology and raises important existential questions as to where we derive our human rights. Are we endowed with unalienable human rights, or are we granted rights by the state so long as we’re in good standing with the various bureaus, branches, departments or corporations?
The skepticism you encounter in bitcoiners is used as a tool for reasoning that applies to all areas of life. It is simply the default modus operandi. Bitcoiners tend to be skeptical of propaganda and corporate media as all the narrative they espouse is mostly FUD. This healthy skepticism is useful in our current political climate where everything is a debate between left and right or between republicans or democrats.
If I had the choice to pick a religion since we all have to believe in something or the other, I would rather pick bitcoin (or maybe gold) rather than believe in fiat, governments, and traditional institutions.
*By the way, use of fiat money is a belief in government backed currency as stated on every fiat note. Be wary of who you give your allegiance to.
Bitcoin is collective consensus.
See you tomorrow!
- Ope