Libertarian Christian Ben Lewis joins Doug Stuart to discuss a Christian view of Bitcoin and monetary policy. Lewis explains some fundamentals of Bitcoin technology and properties and characteristics of real money and how our fiat currency system not only fails us in a practical sense, but also in a moral sense. Bitcoin is a decentralized technology with a fixed supply, both very important to maintain both the value and prevent monopolization. It uses open source software which is a proven way of building trustworthy source code.
Like gold (and precious metals) Bitcoin has the properties and characteristics of real money: scarcity, verifiability, transportability, durability, and fungibility. Lewis points out that Bitcoin does these things better than gold. Lewis also explains how goods become money, a process from being collectibles, to stores of value, to a medium of exchange and unit of account.
Doug and Ben draw out moral implications of using fiat money versus real money, discussing how decentralized currencies are fundamental to Christian ethics. Lewis appeals to Scripture to make his case using passages like Leviticus 19:36 and Proverbs 11:1. He points out that inflation (debasement of currency) was a problem in the Roman empire and these passages are specifically referencing the value of mediums of exchange used through the ancient world.
What's the time horizon for implementation of Bitcoin as a medium of exchange? It's hard to say, says Lewis, but gives several examples of Christians can use Bitcoin right now to support international Christian ministries. If you're new to Bitcoin or want compelling Christian reasons for adopting it, then please listen to our interview, Honest Scales and Balances: Ben Lewis and the Christian View of Bitcoin.
Main Points of Discussion:
01:28 What is Bitcoin?
03:57 Can you trust the code?
09:20 When does Bitcoin become money?
16:50 Money as a means of choosing what we value
19:35 Petrodollar as an international tool of manipulation
20:59 Why should Christians care about monetary policy and Christian life?
29:30 How long will it take for Bitcoin to replace fiat currency?
34:00 Real world funding of Christian ministries - Afghanistan
36:00 Where and when can you find Ben Lewis?
37:24 Closing thoughts - honest scales and balances
Find Ben Lewis on his new blog, lewisb.me
Impoverished Afghan women are receiving emergency aid in crypto as the Taliban limits cash withdrawals and millions go hungry by Joshua Zitser, Business Insider
Thank God for Bitcoin: The Creation, Corruption and Redemption of Money by Jimmy Song, et al