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 Adventists, returns to an analogy between the advent of cryptocurrencies and the coming of Christ in a world where change is more than necessary. This leads us to reflect on 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 General Conference of Seventh-day Adventists. This authorizes him to hold 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 having spent 28 years in the industry. Holder of an MBA appointed by the Schulich School of Business from York University (Toronto), this chartered financial analyst started as a corporate credit analyst at RBC in 1992. For 18 years, he held two positions, that of research analyst and financial adviser, at TD Asset management in Toronto.
Now that he has joined the GG of the SDA Church, he is quick to bring his experiences in client asset management to the Christian community in Washington DC. Besides his main function within the church, Mr. Aka also gives at conferences to quote only his long talk on the “ Endgame economy ”, available on YouTube.
In a blog post granted to Adventist Review, Tim Aka returned to the subjects that currently concern us. These are NFTs, blockchain and cryptocurrencies.
Judging by his writings, this financier has extensive knowledge on these topics.
Regarding NFTs, for example, he did not hesitate to define it this way:
” An NFT is a single, non-interchangeable 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 with the definitions frequently 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 attitude 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 ” non-coin-operated “, 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 cite billionaires like Warren Buffet in this category;
- the undecided, that is, people who are still trying to figure out what these assets are about.
Or, it is time for the many to take the first step. The last two groups mentioned will have an interest in following his logic concerning Napster. The voice :
” You may remember Napster in the 1990s, a website that shared music by allowing music files to be downloaded to its MP3 player. (Any reader under 20 will say, “A what?” It’s like an iPod but, like, really bad). Once the music was digitized, it was easy to share it with the world with just the click of a mouse. The downside – and the illegal part – was that most of the files were pirated, i.e. stolen. »
And that is how skeptics and many earthlings are currently reacting. Don’t we often encounter this kind of problem in certain countries like the Central African Republic where the banking rate remains very low? To say that we have just legalized bitcoin in the country…
Attractive new technologies
As the theft or piracy of music data handicapped the music industry before, Tim Aka found in the blockchain a radical solution. So he argues:
” 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, tracks who owns a digital file, and shows where it has been transferred? It seems impossible, right? Well, not anymore. »
Isn’t that what the ledger that is the blockchain offers us now? It has brought us transparency, let’s face it.
Moreover, with the advent of cryptocurrencies (bitcoin, ethereum, dogecoin, etc.) brings a new way to standardize the rules of the game in the field of finance. Moreover, they are beginning to subvert traditional finance (TradFi) in favor of decentralized finance (DeFi), while granting potentially large gains to investors.
” It’s like banking without bank charges, transactions without tracking and savings without the intervention of central banks. 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 “decentralization”.
Or, with all the benefits looming on the horizon, the ” non-coin-operated continues to poke 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 present themselves as tools in the hands of renegades and criminals.
How is it that assets intended to siphon off the holdings of multiple investors currently account for more than $2 trillion in crypto currencies of all kinds?
Who are the believers ?
In the majority of cases, it is young people who allow themselves to be categorized as ” Millennials » and the « Generation Z “. Seduced by the digital economy, they do not hesitate to take advantage of the facility allowed by these new ideas with enormous reversal power.
Tim Aka also believes that the ” young adults “have, early on, understood the challenges of cryptocurrencies and DeFi.
” Young adults seem to understand that the systems that allowed their parents to thrive as wealthy, middle-class asset owners won’t be as generous to them. They enabled the present world as a place where courtiers and bankers, functional and financial intermediaries, siphoned off much of the system’s wealth for decades to come, leaving bleak prospects for those without ‘ solid asset. »
Add that to inflation and you’ll see that finance masters like Ray Dalio aren’t wrong in advocating not to trust the bank.
Because the future now lies in cryptocurrencies, smart contracts, NFTs, DeFi and Web 3. We are gradually abandoning the old financial systems since they have only indebted man to his descendants.
Only fools expect that maintaining the status quo will bring different results. And they will continue to build their house on the sand waiting for their next collapse.
But with the proven insanity of the current economic systems, who would like to remain a victim for the rest of their life?
It’s time to wake up the world, to tell people they have the energy to rebrand their future. From there will certainly come the emergence of new financial systems and new modes of transaction.
Jesus and bitcoin, the similarities
In Tim Aka’s text, we have retained 4 similarities.
The denied messiah of the partisans of Judaism had come in a context where change was a necessity. He came for destroy the foundations and build a new kingdom “says Tim Aka. Likewise, bitcoin, along with other cryptocurrencies, is forcing an irruption into similar situations where old financial systems seem obsolete. For a community deprived of their most absolute rights, and less endowed with opportunity, sees in cryptocurrencies a new alternative. The path to financial freedom, quite simply.
The same star of the Christian community did not choose opulence 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 promise African, Vietnamese and worldwide peasants today?
The way the Jesus of the Bible proceeded and succeeded is as follows: he first chose to educate a small group of men and women. Then, from this new community of faith, he encouraged a new way of appreciating the other, to undertake new actions and intentions. Hence the rapid dispersion of his philosophy. Satoshi and the other cryptocurrency developers that they would have understood. Cointribune also saw its choice to spread the good news that is cryptocurrency.
” The gospel proclaimed by Christ to hopeless people had tremendous power, and the message went viral. This same message proclaimed today can also have a huge impact. Not because the language used is different, but because, once again, there are actions that correspond to the words adds Tim Aka.
And we recognize that cryptocurrencies resemble this strong message which does not leave traditional financial institutions, like the ECB, unmoved.
In short, the failure of the old social systems and seems imminent. CBDC or not, the crypto revolution is on. Now we have young people, and even a few older people like US Senator Cynthia Lummis, who are pledging their wallets with bitcoins. Because in their eyes, these assets promise something better. They arrive with goals and tools capable of creating a fairer world, and also opportunities for all. It’s up to us to seize the advantages of cryptocurrencies!
Source: Adventist Review
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The blockchain and crypto revolution is underway! And the day when the impacts occurred on the most vulnerable economy of this World, against all hope, I will say that I had something to do with it