Is Bitcoin Fulfilling a Biblical Prophecy?
Satoshi Nakamoto launched Bitcoin as a digital currency in 2009 to support seamless daily transactions without being subjected to the bureaucracies of the traditional systems. It has so far lived up to that proposition, facilitating prompt, secure, and low-cost cross-border transactions. Bitcoin is also a high-value asset class, attracting mainstream investors and multinational corporations worldwide.
Some Bible prophecy advocates claim Bitcoin could be the 'mark of the beast' discussed in the New Testament’s Book of Revelation despite the milestones. Biblical advocates think the mark of the beast is among the characteristics of the tribulation years. Others argue Bitcoin is well-positioned to fulfill the prophecy by facilitating a one-world currency that the antiChrist would use to gain global economic control.
However, not everyone agrees with the above claims. The following are key reasons why people should not consider Bitcoin as the beast's mark or an instrument of Biblical prophecy.
Bitcoin is a Decentralized Currency
Biblical advocates claim Bitcoin would become a one-world currency used to gain control over the global economy. Bitcoin undoubtedly supports seamless cross-border transactions but, it also faces potential regulatory challenges that will continually impact its applications and value over time. Besides, Bitcoin is a decentralized currency, not subjected to any political or institutional influences. Therefore, it would not be possible for any authority to regulate its usage.
According to Christians, the beast's mark will prevent those who refuse it from buying and selling. However, Bitcoin's decentralization eliminates the possibility of such control. Bitcoin will support global transactions but no one could ever control its utility.
Bitcoin runs on blockchain technology that keeps transactional records in a string of encrypted blocks. Experts say the blockchain will increase in size as Bitcoin gains popularity worldwide. The blockchain is currently more than a gigabyte in size. The measure would grow to over a terabyte in the future. As a result, experts argue that size would not work for a global currency. Bitcoin faces scalability issues that would hinder its application as an international currency.
Rapid Price Growth
Some analysts have described Bitcoin as a bubble without a stable intrinsic value, claiming its unsustainably high prices. Besides, Bitcoin's prices do not correlate with the price movements of other assets, including gold and the US dollar. Experts predict Bitcoin will be very expensive mainly because of its decreasing supply and increasing market demand. Traders will still be able to trade Bitcoin on exchanges like bitcoin superstar but, its price will be much higher. Thus, it would not be possible to serve as a global currency.
The USD is still the World's Reserve Currency
Virtual currencies like Bitcoin are gaining traction in various global economic landscapes. El-Salvador recently made Bitcoin a legal tender, and more countries are also likely to follow suit. Bitcoin has destabilized the USD on many occasions and will continue that trend into the future. However, the US dollar is still the global reserve currency, trusted by investors and individuals worldwide. Global populations trust the US dollar over cryptocurrencies because of its track record and relative stability. It would still take several years and a lot of effort, perhaps, miracles, to change those perceptions even if Bitcoin becomes a mainstream currency.
Many Biblical prophecies hint to a world with a single currency that controls the entire global economy. And, some Christians think Bitcoin would be the ideal currency to fulfill that need. However, Bitcoin is a decentralized currency without any central authority or entity. Besides, it is a high-value asset whose prices would significantly increase over time. Thus, it would not be possible for Bitcoin to serve as the prophesied one-world currency.