Bitcoin Depends On Faith – Bitcoin Magazine: Bitcoin News, Articles, Charts, and Guides



As Tesla buys $1.5 billion in bitcoin, BNY Mellon expands custodial services to include bitcoin and crypto assets and Mastercard follows Visa and PayPal in facilitating cryptocurrency transactions, the bitcoin price has reached record highs — yet again — breaking over $61,000.

Once again in the spotlight, bitcoin has reignited arguments over the reasons for its eventual rise or fall. Such arguments frequently proceed from data, facts or other material “realities.” We contend that a thorough analysis, however, must also think about Bitcoin in its immaterial form, as an object of faith, or what is the more secularized versions of faith: belief and trust.

While certain commentators have examined the relationship between bitcoin and faith, their work typically either disparages “the bitcoin faithful” as unthinking cultists or denotes bitcoin as a uniquely “faith-based asset.” We would like to remind our readers that, while faith in bitcoin sometimes inspires fanaticism, and sometimes inspires incredulity during dinner conversations, the faith that sustains the price of bitcoin similarly sustains the price of other asset classes at a foundational level.


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