Could Bitcoin Have the Same Disruptive Power as Christ? In a lengthy blog post, Tim Aka, chief investment officer of the General Conference of Seventh-day Aventists, returns to an analogy between the advent of cryptocurrencies and the arrival of Christ in a world where change is more than necessary. This makes us think about several points, including the breakthrough of cryptocurrencies in the religious ecosystem and the challenges they represent for believers.
Tim Aka, the voice of cryptocurrencies in the Christian community?
Tim H. Aka is the current Chief Investment Officer and Associate Treasurer at the General Conference of Seventh-day Adventists. What empowers him to take a position in the GC Investment Officewhose purpose is to advise church investors on the use of their funds.
Tim has a heavy financial background and has worked in the industry for 28 years. Holder of an MBA awarded by the Schulich School of Business from York University (Toronto), this chartered financial analyst joined RBC in 1992 as a corporate credit analyst. For 18 years, he held two positions, research analyst and financial advisor, at TD Asset Management in Toronto.
Now that he has joined the GG of the SDA Church, he is quickly transferring his client wealth management experience to the Christian community in Washington DC. In addition to his principal position within the Church, Mr. Aka also gives at conferences to record only his lengthy talk on the “ End of game economy ”, available on YouTube.
In a blog post attributed to Adventist Review, Tim Aka returned to the topics that currently concern us. These are NFTs, blockchain and cryptocurrencies.
Judging by his writings, this financier has extensive knowledge on these topics.
As for NFTs, for example, he did not hesitate to define it as follows:
† An NFT is a single, non-exchangeable unit of data stored on a blockchain (digital ledger). †
On blockchain, CG’s Chief Investment Officer argued that:
† Blockchain is a distributed ledger system that allows anyone to track digital assets, who owns them, and what transactions have been made with those assets.† †
In short, we see no difference from the definitions commonly used by cryptocurrency, blockchain and NFT promoters.
Bitcoin and cryptocurrencies, 3 categories of people
Tim Aka recognizes the existence of 3 distinct groups related to the attitudes of individuals and components towards cryptographic assets. He quoted:
- them ” bitcoin maximalists », who are the cryptocurrency enthusiasts who have decided to invest in it and become its apostles;
- them ” no coins “, which we are often accustomed to treating as “skeptics” or “unbelievers “, and who do not hesitate to denigrate cryptocurrency investors in their spare time. We will mention in this category billionaires such as Warren Buffet;
- the undecided, that is, people who are still trying to figure out what these assets are about.
Now it’s time for the great number to take the first step. The last two groups mentioned will have an interest in following his logic regarding Napster. There she is :
† You may remember Napster in the 1990s, a website that shared music by allowing anyone to download the music files to their MP3 player. (Any reader under 20 will say, “A what?” It’s like an iPod, but really bad). Once the music was digitized, it was easy to share it with the world at the click of a mouse. The downside – and the illegal part – was that most of the files were illegal, ie stolen† †
And that’s how skeptics and many Earthlings are responding right now. Don’t we often encounter these kinds of problems in certain countries, such as the Central African Republic, where bank rates remain very low? To say we just legalized bitcoin in the country…
Attractive new technologies
Since the theft or piracy of music data had previously handicapped the music industry, Tim Aka finds a radical solution in the blockchain. So he states:
† Today we send millions of files of all kinds around the world. But what if there was a system that protects digital assets from piracy, keeps track of who owns a digital file and shows where it was transferred? It seems impossible, right? Well, not anymore. †
Isn’t that what the ledger that is the blockchain now offers us? It has brought us transparency, let’s face it.
Moreover, with the advent of cryptocurrencies (bitcoin, ethereum, dogecoin, etc.) bring a new way to standardize the rules of the game in finance. In addition, they are starting to undermine traditional financing (TradFi) in favor of decentralized financing (DeFi), while potentially attributing large profits to investors.
† It’s like banking without bank fees, transactions without tracking, and savings without central bank intervention. Each of these coins represents a community of users and believers. Coins work and grow in value as more people join their network says the man who understood the importance of the word ‘decentralisation’.
But with all the benefits on the horizon, the ” no coins keep poking fun at these avant-garde ideas. They even go so far as to say that cryptocurrencies are the figments of a hacker’s imagination. And that they pose as tools in the hands of apostates and criminals.
Why is it that assets intended to transfer the holdings of multiple investors currently account for over $2 trillion worth of cryptocurrencies of all kinds?
Who are the believers †
In most cases, it is young people who are categorized as ” millennials ” and the ” Generation Z Tempted by the digital economy, they do not hesitate to use the possibilities offered by these new ideas with enormous reversal power.
Tim Aka also believes that the ” Adolescents “have understood the challenges of cryptocurrencies and DeFi early on.
† Young adults seem to understand that the systems that allowed their parents to thrive as wealthy middle-class wealth owners aren’t going to be so generous to them. They recognize today’s world as a place where brokers and bankers, functional and financial intermediaries, have snatched much of the system’s wealth over the next few decades, with bleak prospects for those without strong assets. †
Add that to inflation and you’ll see that financial masters like Ray Dalio wouldn’t go amiss in not trusting the bank.
Since the future is now in cryptocurrencies, smart contracts, NFTs, DeFi and Web 3. We are gradually leaving the old financial systems because they only owe man to his descendants.
Only fools expect that maintaining the status quo will produce different results. And they will continue to build their house on the sand in anticipation of their next collapse.
But with the proven insanity of today’s economic systems, who would want to be a victim for the rest of their lives?
It’s time to wake up the world, to tell people they have the energy to rename their future. From there, new financial systems and new transaction methods will certainly emerge.
Jesus and bitcoin, the similarities
In Tim Aka’s text, we identified 4 similarities.
The denied messiah of the adherents of Judaism had come into a context where change was a necessity. He came before destroy the foundations and build a new kingdom says Tim Aka. Likewise, bitcoin, along with other cryptocurrencies, broke into similar situations where old financial systems seem obsolete. For a community deprived of their most absolute rights, and less endowed with opportunity, cryptocurrencies see a new alternative. The road to financial freedom, very simple.
The same star of the Christian community did not choose wealth by coming to Earth. He evolved among the weak, the oppressed to better establish this kingdom in a world undermined by hypocrisy and lack of compassion. Isn’t this what bitcoin seems to be promising African, Vietnamese and global farmers today?
The way the Jesus of the Bible proceeded and succeeded is this: He first chose to raise a small group of men and women. He then stimulated from this new faith community a new way of valuing the other, taking new actions and intentions. Hence the rapid spread of his philosophy. Satoshi and the other cryptocurrency developers would have understood this. Cointribune also saw his choice to spread the good news that is cryptocurrency.
† The gospel preached by Christ to hopeless people had tremendous power and the message went viral. The same message proclaimed today can also have a huge impact. Not because the language used is different, but because there are again actions that correspond to the words adds Tim Aka.
And we recognize that cryptocurrencies resemble this strong message that traditional financial institutions, such as the ECB, are not unmoved.
In short, the failure of the old social and economic systems seems imminent. CBDC or not, the crypto revolution has begun. Now we have young people, and even a few older people like US Senator Cynthia Lummis, pledging their wallets with bitcoins. Because in their eyes, these assets promise something better. They come with goals and tools capable of creating a fairer world, and also opportunities for all. It is up to us to seize the advantages that cryptocurrencies represent!
Source: Adventist Review
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The blockchain and crypto revolution is underway! And the day the impact will be felt on the world’s most vulnerable economy, against all odds, I’ll say I had something to do with it