Does God love cryptocurrency?
Digital currency, once met with skepticism by many faith communities, is receiving ever-widening acceptence in religious circles.
Faith-based financial forecasters – many of them pastors themselves – are selling their followers dreams of financial freedom through crypto, even amidst recent market dips. And in just a few years, the leading figures at this growing intersection of faith and finance have staked a claim as some of the most influential voices in both worlds.
But what are they really selling?
Why Crypto?
Before we get too deep into the “who's who” of religious crypto influencers, it’s important to look at why Christians are increasingly drawn to virtual currencies. The believers immersed in the crypto subculture have wide-ranging reasons for their interest, ranging from mundane to apocalyptic.
Many people putting money into crypto see it much the same as anyone else – a means to build wealth, leaving more time for family, leisure activities, and worship.
But some reiligous investors see a greater divine reason to go all-in: the view crypto as a sign that the end is nigh, interpreting the rise of a global digital currency as a step towards the one-world system prophesied in the book of Revelation. Think of it as an investment to usher in the end-times.
For others, investment in cryptocurrency is a way to avoid being "de-banked," a concern among conservative Evangelicals who fear banks terminating their accounts over their political or religious beliefs (though it’s worth noting that last year, President Trump issued an executive order penalizing financial institutions for closing accounts on ideological grounds).
Others say crypto is God’s favorite currency. On the website of nonprofit Thank God for Bitcoin, which is dedicated to teaching Christians financial literacy, crypto investment is framed as nothing less than divine. “Fiat money is an immoral, unsustainable, and hubristic overreach of power,” it reads. In contrast, “Bitcoin is sound, decentralized money that submits itself to and embraces the thermodynamic realities that God designed to govern the universe,” offering “a divine corrective and protection against immoral and oppressive love of money and idolatrous pursuit of power.”
Whatever the reasoning, a growing number of Christians are showing interest in investing in cryptocurrency. And though there are many offering sound crypto advice, it’s also a market ripe for abuse.
New Prosperity Gospel Just Dropped?
One of the most popular ways Christians come to crypto is through financial workshops hosted by charismatic figures who are often, but not always, pastors themselves. One such figure is Michelle Renee, an entrepreneur who tours the country hosting crypto workshops, incorporating biblical messaging into her financial advice. “My destiny is to lead God’s people to wealth,” she says.
Many of these faith-based investment workshops teach similar principles: Crypto is on a high? That’s providence. Your investment is in a dip? That just means it’s a good time to buy more.
As the industry continues to grow, scholars warn that some Christian crypto influencers prey on the faithful by exploiting their shared belief and the inherent trust that comes with religious authority.
“Religious communities are often vulnerable to fraud because they are bound together by these networks of trust,” argues University of Chicago Divinity School professor William Schultz. “I think our defenses are often lowered when there is someone who speaks our language, who in some cases dresses the same way we do, professes the same beliefs.”
"Divine" Coins Prompt Concerns
Just last year, self-stylized “Crypto Pastor” Eli Regalado and his wife were indicted on 40 counts of racketeering, theft, and securities fraud. They are accused of leaning on their religious connections to recruit – then allegedly defraud – investors, pocketing $1.3 million on a cryptocurrency Regalado once sold to investors as divinely inspired but now acknowledges was a “scam”.
Other prominent faith figures have even launched their own coins, including Pastor Lorenzo Sewell, who spoke at President Trump’s second inauguration last year. Hours after delivering his remarks on the national stage, Pastor Sewell encouraged followers to purchase his coin $Lorenzo to "help us do what we need to do in the ministry."
"I need you to do me a favor to go and get that coin for us to accomplish the vision that God has called us to do on earth," he said.
Some critics said the coin’s inherent volatility and well-timed release made this appear to be a quick cash grab on Sewell’s part.
Others were more blunt in their assessments:
Follow the Money
Even amidst all the memecoins, dips, and swindles, the intersection of Christianity and crypto is only growing – and clearly someone is making money.
But is that the flock, depositing their funds into the virtual collection plate, or those promoting crypto investment from the pulpit – who are often hoping to cash in themselves?
What do you think? Is crypto a heavenly gift or a worldly grift?
Grifters gonna grift!