Bitcoin may be the next big thing, but does your church really need it? Can Bitcoin really contribute to the worship of God, the spread of the kingdom, or more faithful stewardship for Christ?
Is it the right first step?
Maybe — but if your church is struggling to keep the lights on and needs tithes just to operate on a monthly basis, it might be better to focus first on ways to get your church to a stronger financial position. Bitcoin may be part of the solution, but more than likely it’s not the first step.
There are many faithful churches in situations like this, and forcing Bitcoin into the mix too early can be unhelpful or even tone-deaf.
Inflation & the savings problem
Most churches know how it has become harder and harder to pay pastors enough for them to focus solely on ministry. Many have given up on the dream of owning a building, or even running mercy ministries that generously give to the poor and to missions. Sadly, inflation has crept into nearly every aspect of our lives.
And even if people understand inflation, conventional wisdom — from people like Dave Ramsey — says you should use bonds or the stock market as a savings vehicle. But using investments as savings betrays a misunderstanding of risk, and these instruments don’t beat inflation anyway — at least not real inflation, which is more accurately seen in the money supply growth rate than in the government-published CPI rate.
It can be difficult to accept that the government might intentionally misrepresent inflation, but there are plenty of indicators that point to this sad reality. For more on investment performance and inflation, watch Tim’s talk, What does the Bible say about Bitcoin? And for more on the money supply and inflation in general, read Lyn Alden’s book, Broken Money, or watch her summary video on the book.
Heart issues first
As your understanding of Bitcoin grows, you may become more and more interested in longer-term reasons to care about it. A good example is the fact that, as older generations pass away, they are replaced by younger generations with declining church attendance and lower giving rates.
Of course, we shouldn’t simply accept these trends as inevitable. Instead, before we look to Bitcoin as the solution, we should work to address the heart issues.
On attendance:
And let us consider how to stir up one another to love and good works, not neglecting to meet together, as is the habit of some, but encouraging one another, and all the more as you see the Day drawing near.
Hebrews 10:24–25
And on giving:
Each one must give as he has decided in his heart, not reluctantly or under compulsion, for God loves a cheerful giver.
2 Corinthians 9:7
So as churches feel the squeeze from inflation and a trend toward declining income, we can and should work to address both the spiritual and material realities we face over the coming decades. Bitcoin can never solve issues of the heart, so it cannot be a solution in itself.
A multi-generational vision
But what about reasons to care about Bitcoin with even longer time horizons — like multiple generations? This is where things get really exciting.
A good man leaves an inheritance to his children’s children.
Proverbs 13:22
In many ways, our faith is a grand inheritance left to us by the saints of the past, and we continue to pass down the faith as an inheritance for the saints to come after us — each of us doing our own small part in God’s history of salvation.
Our hope is that when a church thrives on a Bitcoin standard for decades, it will unlock a generational mindset that harkens back to the church of centuries past — where grand projects like the cathedrals of medieval Europe could be funded and constructed by generations of dedicated saints working for hundreds of years. While I don’t necessarily agree with all the reasons to build cathedrals in particular, I find the idea that the church could dare to dream big for God’s kingdom — and make plans that require centuries to unfold — exciting to hope for.
After all, this is part of what we pray for in the Lord’s Prayer: thy kingdom come, thy will be done, on earth as it is in heaven. We think it’s good and right to strive to use monetary systems that promote more justice and more peaceful cooperation in the world. In short, we believe money that aligns with Christian ethics and morals can and will help God’s kingdom come.
Shining light on the fiat system
But the media — and many in traditional finance, government, and education — would have you believe that Bitcoin is on the wrong side of morality: that it’s only used by criminals, or that it destroys the environment. We know this couldn’t be further from the truth, but it isn’t always obvious to newcomers. Bitcoin can help shine a light on the fiat system and the theft and corruption it promotes.
If you’re looking for more specific examples or details to share on this topic, read Alex Gladstein’s book, Check Your Financial Privilege. And if you’re looking for other examples of how the fiat system distorts and corrupts entire sectors of the economy, check out the Fiat Standard by Saifedean Ammous.
So at this point, you might be asking when — not if — your church should get into Bitcoin. And it might come as a surprise that we don’t necessarily recommend going all in right away. We’ll talk about that in the next part.