Should Christians Invest in Cryptocurrency?

You must have heard of Crypto and seen cash tags like $BTC $Eth USDT and a lot of them. If you have, it's fine. Then, there's someone else who might get lost because everything seems like shorthand to you. Cryptocurrency is a whole lot and for believers, it is an option to consider. We however have the choice and will power to decide whether or not to invest. The Bible talks about investments in Ecclesiastes 11:1-6, but then is cryptocurrency an option? To know if this is a worthy option, let's begin the bargain by asking, what exactly is cryptocurrency?

What is Cryptocurrency?

Cryptocurrency is a form of digital currency (money) through which transactions are verified and records maintained by a decentralized system using cryptography, rather than by a centralized authority. Today, decentralized cryptocurrencies such as bitcoin now provide an outlet for personal wealth that is beyond restriction and confiscation". To illustrate better, if you have $100,000 cash and you deposit in a bank, your money is now in your account and only represented by numbers. You can still pay for goods and services either through transfer or debit card with those numbers. Now, that figure you see when you open your bank App is digital money. However, what sets cryptocurrencies apart is the technology behind them.

Should Christians Invest in Cryptocurrency?

The concept of cryptocurrency is finding its way in the world and hoping for broad-based acceptance, there has been and likely will be vast amounts of volatility in its pricing. This means the possibility of significant gains for those in the right place at the right time. This also means losses for those who are on the wrong side of this value fluctuation. At this point buying a crypto must be seen as almost pure speculation.



Cryptocurrency runs on a technology. Like in the illustration, you are not concerned with the technology of your local bank but only concerned with your money in the account. Blockchain is not the same as cryptocurrency. Instead, it is the record keeping technology that is needed to make a cryptocurrency possible, and this record keeping has many uses in other areas as well. This Blockchain is decentralized, that is, no single entity is in charge of it. Transactions are confirmed by every computer in the network. The first ever cryptocurrency was Bitcoin, until 2011 when Altcoins were created. Today, we have over 2,000 Altcoins created. Simply put, any coin that is not Bitcoin is an altcoin.
Now why Cryptocurrency? What are the benefits of Cryptocurrency? What sets it apart from traditional money?

1. It reduces corruption

Cryptocurrency works to distribute power among every member rather than one single entity, that is, Bank. Since it is not regulated by any bank other than its technology, you cannot monopolise or manipulate the system to your favour as the case is with many traditional banks around the world. Unnecessary charges and bank rates that field the corrupt planes of local banking too is cut off by cryptocurrency and its blockchain technology.

2. It Stops excessive Money Printing

The Central bank of any country has the ability to simply print money at anytime but printing more money to pay Govt debts is similar to putting a bandage on a broken leg. It practically cannot solve the problem. Instead, it increases the money in circulation, causes inflation and devalues the currency. If there is money in circulation, it is a good thing, but if there is more money (excess money in circulation), it isn’t a good thing? To illustrate this, if you have N50 to buy an egg and you buy 1, then another N50 note is given to you for egg, you go to the shop to buy again, and the shop owner has just 10’ve increased the demand for eggs. In order not to sell it all out, she’ll increase the Price of egg to N70, if more people like you come, she’ll increase the price again to N100.Now you’re back to square one, you have more Naira notes but can no longer afford Egg. That’s why people can be rich in “Millions” but 1 million is not up to $2,500 because the Govt thought it wise to keep printing money.Most cryptocurrencies have a limited, set amount of coins available...When all those coins are in circulation, a central entity or the company behind the blockchain has no easy way to simply create more coins or add on to its supply. So you’re simply buying what someone else sold. That way it stays valuable.

3. Control over Money

With traditional cash, you’re basically giving away all your control to central banks and the government. At any point, your government is able to simply freeze your bank account and deny your access to your funds and there’s literally nothing you can do. With cryptocurrencies, you and only you can access your funds.Your wallet has a key that only you should be able to access. No bank or government can freeze your crypto assets.

4. Transparency

Blockchain is a great technology for storing financial records or any other data where an audit trail is required because every transaction is tracked and permanently recorded on a public ledger.Now Gear Up to Make Transactions Discover where you can get your hands on different cryptocurrencies, and get to know your cryptocurrency wallets and exchanges.

What is Bitcoin?

Bitcoin is the first and most popular “cryptocurrency”, which are virtual, computer generated, de-centralized currencies available to anyone who has Internet access. Bitcoin allows you to convert your old-fashioned money (such as US Dollars) into Bitcoins by buying them on an exchange from someone who already owns Bitcoins.

There are numerous Bitcoin exchanges that offer “virtual wallets” which serve as a sort of Bitcoin bank account online, on your computer or on your smartphone. There are even Bitcoin ATMs that have sprung up around the globe to facilitate Bitcoin deposits and withdrawals (hint: no physical Bitcoins go in or out of those machines, they are strictly electronic transfer devices that provide paper receipts). And some bold businesses have begun accepting Bitcoin as payment, and even paying employees and vendors in Bitcoins instead of traditional currency.

You could even go further by getting into the Bitcoin mining business. Here, you purchase specialized computer software and hardware that allows you to run a complicated algorithm in an attempt to “crack the code” and “verify” a Bitcoin transaction. When your computer hits upon the correct code, you are rewarded with 25 Bitcoins for your efforts. Every four years, the number of Bitcoins granted in this “verification reward” is cut in half, reducing the payoff for this activity. Also, the “blockchain” code becomes increasingly complex with each verification, making it increasingly difficult to mine Bitcoins as the remaining coins become more scarce.

Bitcoin miners can continue their hunt for new Bitcoins until the total number of Bitcoins in circulation is 21M, at which point there are no more Bitcoins left to find. This limitation was built into the Bitcoin blockchain rules at the outset to ensure that there was a limited supply, and thus value relative to demand. The bigger your computing power, the better your chances of successfully mining Bitcoins becomes.

How Rich is Bitcoin?

On January 1, 2011, $100 US Dollars would have bought you about 333.33 Bitcoins (Bitcoin was valued at 30 cents per coin at the time, according to the CoinDesk Bitcoin Price Index). If you held on to those Bitcoins through the price swings that has defined Bitcoin value since inception, on December 31st, 2017 your Bitcoins would have been worth about $4,600,154.00 US Dollars (Bitcoin value $13,800.60 USD per coin - you can see current values here: ). This is why there is so much media noise about Bitcoin speculation.

Should Christians Invest in Bitcoin?

The astronomical price returns on Bitcoin over the past years is very tempting to investors everywhere. Everyone wants to turn $100 into over four million dollars in just a few years and this is where the issue is. Now, let's see King Solomon's words where he wrote that, “Wealth gained hastily will dwindle, but whoever gathers little by little will increase it.” (Proverbs 13:11). Also, Apostle Paul as well wrote that, “those who desire to be rich fall into temptation, into a snare, into many senseless and harmful desires that plunge people into ruin and destruction.” (1 Timothy 6:9-10)

If we consider the subject of motivation, the primary motivation that drives many people to exchange their actual money for Bitcoins is greed, plain and simple - the desire to be quickly and easily rich. Greed is not a good reason to do anything. If you are considering buying into Bitcoin, first check your heart and be honest about what your motivation is for doing so. If it is greed, then don’t do it. Besides, when anything goes up in value that far and that fast, it is likely that there will be a bubble burst soon.

Is there a Dark side of Bitcoin?

Aside from the problems of greed and bubbles waiting to burst, there is a very real, very insidious side to Bitcoin that Christian investors should think about very carefully. This is especially because it is becoming increasingly evident that terror groups are exploiting Bitcoin to fund their massive budgets and evil purposes. There was the case of Zoobiah Shahnaz, age 27 from Long Island. She was a woman arrested and charged with laundering $85,000 through Bitcoin and other cryptocurrencies. She allegedly used 16 credit cards (which she had obtained by fraudulent methods) to purchase $63,000 in Bitcoin and other cryptocurrencies, in addition to $22,500 she was able to acquire through a loan from a bank. Like this, terrorists can use any kind of currency to fund their atrocities. But Bitcoin is designed with the specific purpose of being completely anonymous, untraceable and detached from any government or law enforcement protections. The black market loves Bitcoin and yes, Bitcoin may be the closest thing to blood money the world has ever seen.

Bitcoin or bust?

You are not evil if you buy some Bitcoins. Unless you are a member of a terrorist group and then, yes, you are evil. But there are significant problems with the Bitcoin economy that any wise investor must take into consideration before jumping into that dark pool. Allow me to summarize them here:

Robert Netzly, CEO of believes that Bitcoin is very weird. You probably don’t understand what you are buying. Many people probably want to buy Bitcoin because of the lure of fast, easy riches. That is greed. Bitcoin values have skyrocketed to ridiculously astronomical heights in a ridiculously short amount of time. Usually, that means something has got to give. And usually that means the bubble is ripe for the popping. Bitcoin is the bad guys’ favorite thing in the world and is funding the most despicable acts of evil the world has seen in a very long time, all with complete anonymity and without the pesky oversight of law enforcement.

Bitcoin is one example of a relatively new type of “money” called cryptocurrency. This money only exists in the digital world, and there are hundreds of others like it (Ethereum, Ripple, Litecoin, etc.) A cryptocurrency is not backed by the reputation and resources of any government or country.

Now, using a cryptocurrency for a transaction is not the same as investing in a crypto in hopes of capturing gains in its price change.

Do you really have money you can afford to lose? Investing in Bitcoin for the possibility of price increase is not like buying stock in a company that has assets and creates ongoing profits from its business activity. Crypto is a digital thing that doesn’t generate sales or cash or profits. Its value is simply based on what people are willing to pay for it.


With this basic understanding of the concepts, let's consider these three questions before starting the cryptocurrency journey.

1. Do you have money you can afford to lose?

One good and basic financial decision making quality is stewardship. Everything we have – children, time, talent, money, etc. is from God and belongs to God. God has entrusted these things to us for His purposes and His glory. So, the first part of the question shows wrong thinking. I don’t have any money that I can simply afford to lose because my money is not my money – it’s God’s money. In support of this, the Bible rightly says, "For from him and through him and to him are all things. To him be glory forever. (Romans 11:36). Also, Colossians 1:16 confirms that "…all things were created through him and for him"


2. Are you Greedy or discontent?

Sometimes – probably more often than we think – we just want to “roll the dice”. If I lose, I probably won’t lose everything I invested, and if I win, it could be big. So, what exactly is the motive here? Is it greed? Is there a lack of faith in God’s provision or lack of contentment in your situation? We have an instruction in God's word which is backed up with His promise to never leave nor forsake us. This is why it is advised to keep our lives free from the love of money and be content with what you have because God has said, “Never will I leave you; never will I forsake you. (Hebrews 13:5)

3. Can you do anything else with the money?

If you really have money that you don’t need for your living expenses, why wouldn’t you invest it in Christ-Exalting, Maximum Eternal Benefits plan instead of Bitcoin? Why risk losing it when you can put it where it can grow the Kingdom and you can better live out your mission. With this money you can spread the gospel, help the needy in your church, feed the poor, etc. In Matthew 6:19-20, the Bible also tells us not to lay up for yourselves treasures on earth, where moth and rust destroy and where thieves break in and steal, but lay up for yourselves treasures in heaven, where neither moth nor rust destroys and where thieves do not break in and steal.  

When you are in a fix between money use for other seemingly better purposes and the Gospel, ask yourself these four questions to know if a purchase is appropriate. They are:

1. Does this purchase directly support my life’s purpose? Since my life is all about loving God and my neighbour, will this purchase help? (Luke 10:27)


2. Does this purchase bolster my ego or pride or self-centered ambition?

Do nothing from selfish ambition or conceit, but in humility count others more significant than yourselves. Let each of you look not only to his own interests, but also to the interests of others. (Philippians 2:3‑4)

3. Will this purchase cause others to question my values and priorities? As we live our lives and make spending decisions, we communicate our values and beliefs. Does this purchase send the right message?

So, whether you eat or drink, or whatever you do, do all to the glory of God. (1 Corinthians 10:31)

4. Would this purchase align with the choices other faith-filled believers might make? Would I recommend that others follow my example?

Remember your leaders, those who spoke to you the word of God. Consider the outcome of their way of life, and imitate their faith. (Hebrews 13:7)

As I think through this question, I found that many of the critical components of living a Jesus-exalting life quickly connect to this situation:

  • Stewardship
  • Focusing on the mission/purpose of my life
  • Making a false spiritual/secular separation
  • Seeing Jesus as my all-satisfying treasure

In my opinion, speculating in a cryptocurrency is not appropriate for those who are attempting to be focused disciples of Jesus.




(This post is an opinion and should be subject to further study of God's word. We feature articles like this to find a balance in Scriptures as regards these subjects. For any questions or comments, kindly use the section below or send us a mail here)

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