Introduction
The four papers preceding this essay treated cryptocurrency as a financial and technological question: what it is, why it attracts fraud, what specific schemes circulate within it, and how a person who chooses to participate can do so with reasonable care. Those questions are real ones, and the papers attempted to address them honestly. But they are not, for the Christian, the deepest questions.
The deepest question is not whether one can participate prudently in cryptocurrency, but whether one should — and underneath that, the still deeper question of what money is for in the first place. A person who has mastered every operational discipline in the previous paper but has not asked these prior questions has prepared himself to navigate a particular market without having asked whether the market is one he ought to be navigating at all.
This essay attempts those prior questions. It does so from within a particular tradition — the historic Christian conviction that everything a man possesses is held in trust from the One who gave it, and that the use of those possessions is part of what he will answer for. The essay does not assume the reader shares that conviction, but it does not pretend to neutrality either. The argument that follows makes most sense within the framework from which it is offered.
The conclusion the essay reaches is not “do not participate in cryptocurrency.” It is more nuanced than that, and more demanding. The conclusion is that the question of participation is itself a smaller question than it appears, and that the larger question — what one’s money is for, and to Whom one will give account for its use — is the question that ought to govern not only this particular decision but every related one.
The Foundational Principle
The Scriptures begin not with the assertion that men own their possessions but with the assertion that they do not. “The earth is the Lord’s, and the fulness thereof; the world, and they that dwell therein,” the Psalmist declares, and the principle threads through both Testaments. The wealth a man holds is not, in the deepest sense, his own. It is entrusted to him for a season, for purposes that are not exhausted by his own comfort, and he will give account for what he did with it.
This is the doctrine of stewardship, and it is unfamiliar enough in modern thinking to require slowing down. The man who owns his property may do with it as he pleases, subject only to the law and his own preferences. The man who stewards his property holds it on behalf of another, and his decisions about it are answerable to that other’s purposes rather than to his own. The two postures look similar from outside — both men go about their business, transact, save, spend — but they are fundamentally different on the inside, and they produce different decisions over time.
The parable of the talents, given by the Lord Jesus Christ, is the most extended treatment of the principle in the New Testament. A man going on a journey entrusts his servants with portions of his estate, each according to his ability. The servants who put the entrusted funds to productive use are commended on the master’s return; the servant who buried his portion out of fear is rebuked. The lesson is not that the servants owned the talents — they did not — but that they were responsible for what they did with what was not theirs.
Three implications follow that bear directly on the present question.
First, the question “what should I do with my money?” is not, properly, the question of a Christian. The proper question is “what should I do with the resources entrusted to me?” The grammatical shift is small but the implications are large. The first question is answered by reference to one’s preferences; the second is answered by reference to the entruster’s purposes.
Second, the doctrine of stewardship does not entail asceticism. The master in the parable does not commend the servant for refusing to engage with the funds; he rebukes him for it. The servants who acted, who took risks, who put the resources to work are the ones who please him. A theology of stewardship is not a theology of inaction. It is a theology of action directed by purposes other than one’s own gratification.
Third, the standard by which the use of the entrusted resources is judged is not financial. The master in the parable rewards faithfulness, not return on investment. A servant who acted faithfully and lost would presumably have been treated differently than the one who acted faithlessly and lost; the text does not give us that case, but the entire framing suggests it. The question is not “how much did you gain?” but “what were you doing, and for whom?”
This is the framework within which the question of cryptocurrency, or of any other financial activity, must be situated for the Christian. The question is not whether the activity is permitted, or whether it is prudent in financial terms, but whether it is consistent with the stewardship to which the participant has been called.
Speculation Examined
With this framework in mind, we can ask a more focused question: what should the Christian make of speculation as such?
The first thing to recognize is that speculation is not, in itself, the same as gambling. The two are often conflated, and the conflation does not survive examination. A gambler stakes funds on the outcome of a contest whose result is unconnected to any productive activity; if he wins, he wins because someone else loses. A speculator stakes funds on the future value of a real asset whose productive use, or whose role in the economy, is the source of any value the speculation may capture. The farmer who plants a crop is speculating that the crop will be worth more at harvest than the cost of inputs. The investor who buys shares in a business is speculating that the business will produce real value over time. The Scriptures contain no condemnation of these activities, and the Lord’s parables repeatedly use them as positive examples of prudent action.
The second thing to recognize is that the line between productive speculation and unproductive speculation is not always easy to draw. The farmer’s wager on the crop is clearly productive; the value he hopes for comes from food that will be eaten. The shareholder’s wager on the business is mostly productive; the value comes from goods and services the business produces, though some of it may come from changes in market sentiment rather than from underlying performance. The day trader who buys and sells the same shares within minutes is engaged in something closer to gambling than to investment, because his gains and losses are decoupled from any productive activity and come entirely from the actions of other traders. The speculator who buys a token whose price depends entirely on the willingness of future buyers to pay more for it than current buyers paid is closer still to gambling, though not identical to it.
Cryptocurrency activity falls at various points along this spectrum. A person who buys Bitcoin because he believes it will retain value better than fiat currency over a long period — and who plans to hold it across the cycles — is engaged in something more like investment than speculation in the pejorative sense, though the asset’s volatility makes the activity more uncertain than buying durable productive assets. A person who trades cryptocurrencies actively, attempting to profit from short-term price movements, is engaged in something close to gambling, regardless of the technical sophistication of his analysis. A person who buys a small token shortly after its launch, hoping to sell it to a later buyer at a higher price, is engaged in something nearly indistinguishable from gambling.
The Christian framework does not produce a single verdict on speculative activity. It produces a set of questions: Is the activity productive, in the sense of being connected to real value being created somewhere? Is the participant exposed to risk in a way that is proportionate to his overall resources and obligations? Is the activity occupying a place in his life — in attention, in emotion, in time — that crowds out the things to which he owes greater attention? Would the participant be willing to give a frank account of the activity to his pastor, his spouse, and his children?
A speculation that survives these questions is one a Christian may, with care, engage in. A speculation that does not survive them is one he should not, regardless of how much money it might produce.
The Obligations That Come First
The doctrine of stewardship would be incomplete if it did not specify the purposes for which the entrusted resources are to be used. The Scriptures are not silent on this question, and the obligations they identify are demanding enough that, for most people in most circumstances, they substantially exhaust the resources available.
Family. The Apostle Paul writes that if any provide not for his own, and specially for those of his own house, he hath denied the faith, and is worse than an infidel. The provision in view includes the present needs of one’s spouse and children, but it extends beyond them. It includes the prudent preparation for foreseeable future needs — the children’s education, the spouse’s security in widowhood, one’s own care in old age — and the obligation to leave an inheritance, which the Proverbs describe as the practice of a good man. Resources that are committed to speculation are, by definition, not committed to these provisions, and the trade-off needs to be examined honestly. A man who speculates with funds that should have been securing his family’s future has not been bold; he has been negligent.
Neighbor. The Lord’s summary of the law places love of neighbor on a level with love of God, and the Apostle James warns against the religion that says to a brother in need “depart in peace, be ye warmed and filled” while withholding the means of meeting that need. The obligation of generosity to those in genuine need is not optional in the Christian life. It is, in the Scriptures, one of the chief purposes for which God grants surplus. A man who has accumulated resources beyond what his family requires has been given them, in part, to bless those who have less; resources that are committed to speculation are not, in that moment, available for that blessing.
The Work of the Kingdom. The financial support of the local assembly, of those who labor in the Word, of missionary work, and of the various forms of practical Christian charity is the third great call on the steward’s resources. The Apostle Paul instructs the Corinthians to lay by them in store as God hath prospered them, and the same principle threads through the whole of the New Testament. This obligation, like the others, is not exhausted by the tithe — the Scriptures do not bind the New Testament Christian to a specific percentage — but it is real and substantial, and it has the first claim on surplus after one’s family has been provided for.
The pattern that emerges from these obligations is not a prohibition on speculation but a placement of it. Speculation comes, if at all, after family is provided for, after the neighbor in need has been considered, after the work of the kingdom has been supported. It comes from the genuine surplus that remains after these prior claims have been met. And it comes in proportion to that surplus, not as a means of generating the resources that should already have been provided through diligent work.
This ordering is uncomfortable. It rules out, for most Christians, the use of significant resources for speculation, because most Christians do not have significant surplus beyond their prior obligations. It rules out, for many Christians, the use of any resources at all for speculation, because their obligations exceed what they can comfortably meet from their current income. The honesty of the framework requires acknowledging these implications rather than softening them.
A Christian who finds himself with no surplus available for speculation after his prior obligations have been met has not been unfortunate; he has been faithful. A Christian who has carved out resources for speculation by neglecting those obligations has not been bold; he has been disordered. The framework does not commend speculation as a path to wealth; it permits it, with caution, as one possible use of genuine surplus after the prior calls have been answered.
The Heart’s Susceptibility
The third element of the stewardship framework is the most uncomfortable, because it concerns not external obligations but the internal state of the steward.
The Apostle Paul warns Timothy that they that will be rich fall into temptation and a snare, and into many foolish and hurtful lusts, which drown men in destruction and perdition. The warning is not against being rich, which the Scriptures treat as a circumstance some are called to and others not, but against the desire to be rich — the orientation of the heart toward wealth as a goal. That orientation, Paul says, is destructive in itself, regardless of whether it succeeds in producing wealth.
The application of this warning to speculation is direct. A market that promises rapid gains is, by its nature, designed to engage the desire to be rich. The promise of multiplying one’s resources without corresponding labor speaks to something in the fallen heart that is not safe to feed. A person who enters such a market without examining what it is awakening in him is, in the apostolic warning, walking toward a snare.
This is not an argument that the desire for return on investment is sinful. The diligent are promised the reward of their labor throughout the Scriptures, and the wise investment of resources is commended rather than rebuked. The warning is more specific: the appetite for rapid gain, the orientation of the heart toward wealth as a primary good, the willingness to take risks one would not otherwise take for the sake of increase that one would not otherwise need — these are the marks of the spirit that Paul warns against, and they are precisely the marks that speculative markets are designed to elicit.
The Christian considering participation in cryptocurrency markets should examine himself with particular care on this point. Why does the activity attract him? Is it the technology, the underlying problems the technology addresses, the modest diversification of a long-term portfolio — or is it the prospect of multiplied wealth in a short time? The honest answer matters, because it indicates what the activity is doing in his soul. An activity engaged in for the former reasons may be conducted in the spirit of stewardship; an activity engaged in for the latter is conducted in the spirit Paul warns against, regardless of whether the participant has noticed.
A useful diagnostic question: would the participant be willing to commit to the activity for ten years without checking the price, simply because he believed the underlying thesis was sound? If yes, the engagement is closer to investment. If no — if the activity is meaningful only because of the prospect of frequent price checks and frequent emotional responses to them — the engagement is closer to the form Paul warns against, and prudence suggests withdrawing.
A second diagnostic: would the participant’s spiritual life be visibly better, or visibly worse, if he checked cryptocurrency prices once a year instead of once an hour? Most participants, examining themselves honestly, will find that the high-frequency engagement is doing them no spiritual good, regardless of what it is doing to their net worth. That finding is itself a kind of answer.
A Distinctive Witness in a Distinctive Market
A final consideration, less personal and more outward-facing, concerns the witness that a Christian’s financial behavior bears to those around him.
Cryptocurrency markets, more than most financial environments, are characterized by attitudes that the Scriptures explicitly reject. The covetousness that drives the desire for rapid wealth, the envy that fuels the comparison of one’s gains to others’, the pride that attaches identity to one’s holdings, the anxiety that follows from staking too much on too uncertain a thing — these are not incidental features of the culture but core ones. A Christian who participates in these markets in the same spirit as those around him bears witness to nothing distinctive; he is simply one more participant in a culture that contradicts the Gospel he claims to confess.
A Christian who participates differently bears a different witness. He does not chase the rallies that excite his neighbors. He does not panic at the crashes that demoralize them. His mood does not rise and fall with the price chart. His conversation does not center on his holdings. He gives generously regardless of whether the market is up or down. He keeps his commitments to his family and his local assembly regardless of what his portfolio is doing. He treats cryptocurrency the way he treats any other small allocation of surplus — soberly, with modest expectations, and without the emotional investment that the culture expects.
This kind of participation is rare enough in the field that it is itself a form of testimony. The neighbor or coworker who watches a Christian conduct himself this way is being shown, without any explicit preaching, that a different relationship to money is possible. The witness is not delivered in the participation but in the manner of it, and the manner is shaped not by the market but by the deeper convictions the participant carries into it.
This is not an argument that every Christian should participate in cryptocurrency in order to bear this witness. The witness is borne equally — perhaps more visibly — by the Christian who, having examined the question, declines to participate at all, and whose absence from the market reflects the priorities he has chosen. The witness is borne by the manner of one’s engagement with money, whatever the specific form of that engagement happens to be.
Conclusion
The question this essay set out to address — should a Christian participate in cryptocurrency? — turns out, on examination, to be the wrong question. The right question is: what are the resources entrusted to me for, and how does the use of any portion of them serve those purposes? Cryptocurrency, like every other potential use of money, must answer to that prior question, and its claim on the steward’s resources is no stronger than the answer it can give.
For most Christians, the honest answer is that significant participation in cryptocurrency markets is not what their resources are for. Their resources are for the provision of their families, the care of their neighbors, and the support of the work of the kingdom, and what remains beyond these is rarely large enough to justify substantial speculation. For some, a small allocation of genuine surplus to a long-term position may be defensible, conducted in a manner consistent with stewardship rather than with the prevailing culture of the market. For all, the deeper questions of motive, attention, and witness are more important than the operational ones treated in the previous paper.
The Apostle Paul gave Timothy not only the warning against the love of money but the corresponding charge for those whom God has prospered: that they do good, that they be rich in good works, ready to distribute, willing to communicate, laying up in store for themselves a good foundation against the time to come, that they may lay hold on eternal life. This is the goal toward which the use of money, in any of its forms, is to be ordered. Cryptocurrency, like every other financial activity, is to be evaluated by whether it serves that goal or distracts from it.
The reader who has followed this companion essay alongside the four papers preceding it now has, in his hands, both the practical equipment to navigate the cryptocurrency field if he chooses to and the prior framework within which that choice is properly made. The two are complementary. The operational care without the spiritual framework produces a competent participant in a market whose deeper currents may carry him in directions he would not have chosen. The spiritual framework without the operational care produces a participant whose intentions are right but whose execution leaves him exposed to harms he could have avoided. Both are needed, and both have now been offered.
May the reader who participates do so as a faithful steward, holding his portion lightly and his obligations firmly. May the reader who declines do so with peace, knowing that his resources have been directed to ends he can defend before the Master on the day of account. May all readers, whatever their decisions about this particular market, hold their money in the manner the Scriptures describe: as a tool given for purposes larger than the holder, to be used with diligence and surrendered with gladness when the time for an accounting comes. The earth is the Lord’s, and the fulness thereof. The participant who has not forgotten that has the foundation on which every other decision about money, in this market or any other, rightly rests.
Notes
- The framing of stewardship offered in the opening section is not novel; it reflects the historic Christian understanding of property as it appears in writers from Augustine to the Reformers to contemporary expositors. Readers interested in a fuller theological treatment will find the references useful, particularly the works by Blomberg and Schneider, which differ in some details but agree on the foundational principle.
- The distinction between speculation and gambling is contested among Christian writers, with some treating any market activity that depends on price changes rather than on underlying productivity as functionally gambling, and others drawing the line more permissively. The position taken in this essay — that the distinction is real but admits of degrees — is, in the author’s reading, the position best supported by the parables of the talents and of the pounds, both of which depict commercial activity involving risk in positive terms.
- The treatment of family obligation draws on a long Christian tradition of taking seriously the apostolic injunction in 1 Timothy 5:8. The application of that injunction to long-term provision, and not only to immediate need, is the standard reading among writers in the Puritan and Reformed traditions, though it has support across the broader Christian spectrum. The inheritance principle in Proverbs 13:22 is sometimes treated as merely descriptive of ancient practice; the position taken here is that it is prescriptive of a good father’s intention, while leaving the specific forms of provision to prudence.
- The discussion of generosity to the neighbor in need is deliberately brief, because the topic deserves its own essay rather than a paragraph. The position taken here — that surplus carries an obligation to those in genuine need — is the position of essentially the entire Christian tradition, though writers disagree on the mechanisms (personal versus institutional, voluntary versus compelled) by which the obligation is best discharged. The references include several works that treat the question more fully.
- The diagnostic questions in the section on the heart’s susceptibility are adapted from a pastoral tradition that uses such questions to surface the underlying state of a soul that the surface behavior may not reveal. They are offered as starting points for self-examination rather than as comprehensive tests. A reader who finds them uncomfortable should treat the discomfort as data.
- The discussion of witness is informed by the observation, common in pastoral literature, that a Christian’s behavior in financial matters is among the most visible aspects of his life to those who do not share his confession. Coworkers, neighbors, and family members who never hear him preach a sermon will see him invest, save, spend, and give. What they see shapes their understanding of what Christianity actually produces in those who profess it. This is not a reason to perform a particular financial style for the benefit of observers; it is a reason to take seriously the connection between one’s confession and one’s checkbook.
- The closing reference to laying up a good foundation against the time to come (1 Timothy 6:19) is sometimes read as a contradiction of the Lord’s instruction not to lay up treasures on earth (Matthew 6:19). The standard reconciliation, which this essay assumes, is that the two passages refer to different objects: earthly treasure as an end in itself versus earthly resources directed toward eternal ends. The Christian is to do the latter while avoiding the former, and the distinction between them is largely a matter of the heart’s orientation rather than of the visible behavior.
- A reader who finds this essay’s perspective unfamiliar may wish to read it alongside one of the more accessible introductions to Christian stewardship listed in the references — Whelchel and Alcorn are good starting points for non-specialist readers, while the works by Blomberg and Wheeler are more substantial treatments for those wanting fuller engagement. The position of this essay is broadly consistent with the mainstream of historic Christian teaching on the subject, though specific applications vary among writers.
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