Preface
The core questions that make cryptocurrency truly interesting have yet to be answered.
"Digital gold" is not the answer for Bitcoin. It represents a form of religion that is undergoing dual rigorous tests of regulation and stablecoins (like the US dollar).
"The value of altcoins is zero" is not the answer for altcoins. Altcoins have long been defined as practically obsolete:
Meme coins are far from being worthless; they are a form of assetization of human belief, capable of shaping cultural symbols, defining a new generation of aesthetics, and even reshaping public thought.
Attention coins, despite their extreme volatility and severe harvesting, are essentially attention search engines where people bet real money.
The last round's hottest "Autonomous Worlds" clearly points to one direction this time—only AI can truly overcome human nature to build a genuinely autonomous digital world. The rise of AI will undoubtedly form a dual drive with cryptocurrency. If the circulating currency on this path remains fiat rather than cryptocurrency, we can truly say GG.
As for project revenues, profits, the tug-of-war and disputes over equity and tokens, after so many years of self-deprecation by treating the cryptocurrency market like the stock market, it should come to an end someday.
For so many years, the understanding of most of us has remained trapped in the narrow framework of "value" as defined by VCs. If we cannot establish a set of value judgment standards independent of traditional stock markets and VC valuation systems, then we have not truly disrupted the capital market—at least so far, this is a complete failure.
But failure is never the end; it is part of the process. Cultivation is eternal failure, and eternal failure comes from eternal struggle. This is also the greatest potential of cryptocurrency, which has yet to be truly realized—its vitality lies in challenge, subversion, and reconstruction.
The true cryptocurrency movement should be about preaching, tokenization of everything, and a series of cultural and ideological wars fought globally. These things will never be liked by VCs and pure speculators because they do not believe.
The following article was published at the end of December last year, but during the time of Bitcoin's plummet and the continuous departure and loss of confidence in the industry, we hope this article can bring confidence to everyone.
Bitcoin is a Modern Religion
Christianity has Jesus, Buddhism has Siddhartha Gautama, Islam has Muhammad, and Bitcoin has Satoshi Nakamoto.
Christianity has the "Bible," Buddhism has the "Tripitaka," Islam has the "Quran," and Bitcoin has "Bitcoin: A Peer-to-Peer Electronic Cash System."
If we were to make a more detailed comparison, we would find that Bitcoin shares many similarities with traditional religions beyond the aforementioned aspects. For example, Bitcoin has its own doctrine (the modern financial order will eventually collapse, and Bitcoin will become Noah's Ark at the end of the modern financial order), its own religious rituals (mining and HODL), and has experienced splits during its development, becoming a tool used by governments for specific purposes after reaching a certain scale, etc.
However, if we call Bitcoin a "modern religion," we must discuss its differences from traditional religions.
First, "decentralization," a term that has developed in the current cryptocurrency industry and even carries a hint of irony, is undoubtedly the most fundamental characteristic of the modern religion represented by Bitcoin. What I emphasize here is not the degree of decentralization of a blockchain network, but whether "the cohesion of consensus is a decentralized process."
Satoshi Nakamoto, the "creator god" of Bitcoin, chose "self-exile," relinquishing his authority to create a brand new world. Bitcoin has no symbolic central authority or an individual or entity that actually possesses divine power; it grows and thrives in a reverse, bottom-up manner compared to traditional religions. The Bitcoin white paper and the phrase in the genesis block, "The Times 03/Jan/2009 Chancellor on brink of second bailout for banks," have never been changed. As long as you are interested, you can interpret them in any way you want.
Satoshi is the most human-like "creator god," yet also the least human-like, as he exhibits non-human moral standards or ideal pursuits. Satoshi possesses not only Bitcoin worth billions of dollars but also the ability to destroy this religion, like having a button that could destroy the world, yet he simply vanished. If you think deeper, after so many years of Bitcoin's development, Bitcoin believers continue to believe that Satoshi will forever protect the world he created, and even today, when governments around the world have begun to believe, you will realize how incredible this all is.
Secondly, "the internet" makes Bitcoin unlike traditional religions that rely on face-to-face preaching, war conquests, or immigration to attract followers. The internet not only allows Bitcoin's dissemination to be non-linear and non-geographical, but it also gives Bitcoin a modern infectiousness, like meme culture, to attract a new generation of young people.
Of course, there are also "contribution and return," as well as "splits and expansions." These two points are very important; they determine that modern religion is essentially a "faith capital market."
Faith Capital Market
If you are a believer in Bitcoin, you do not need to fast or practice austerity; you only need to run a full Bitcoin node or hold Bitcoin.
When your faith in Bitcoin is challenged, whether by the block size debate or smart contract public chains like Ethereum and Solana, you do not need to participate in a holy war; you still only need to run a full Bitcoin node or hold Bitcoin.
Whether running a full Bitcoin node or holding Bitcoin can be seen as the religious rituals of this Bitcoin religion. These rituals do not promise you the hope of a better life or a fulfilling afterlife; instead, they provide tangible material and spiritual returns to believers through price performance.
Similarly, whether it is the block size debate or the emergence of new public chains like Ethereum and Solana, the various arguments ultimately lead to the continuous increase in the total market value of cryptocurrencies. In cryptocurrency, conflicts of faith no longer lead to physical annihilation and spiritual conquest; rather, they present a completely opposite situation compared to traditional religions—traditional religions conflict to explain the world, ultimately dividing it. The conflicts in cryptocurrency, however, are like the sparks that create worlds, like the universe expanding infinitely after the Big Bang, growing larger and more vibrant.
The universe is vast, accommodating countless Earths. The capital market is also vast, accommodating countless tokenized beliefs.
Bitcoin is certainly a specific modern religion. However, from the perspective of having pioneered the "faith capital market," its significance far exceeds that of a specific modern religion, which I call "the religion without a doctrine." Bitcoin has developed to the point where it has gone through a process of secularization, similar to traditional religions, specifically reflected in the religious rituals evolving from running a full Bitcoin node to HODL, and then to the point where almost no cryptocurrency players emphasize its specific meaning, but rather it quietly resides at the pinnacle of the cryptocurrency market like a totem. Just as Christmas in today's world is no longer strictly a Christian holiday, we enjoy Christmas trees, Christmas gifts, and the festive atmosphere, putting Christmas hats on our social media profile pictures during the holiday, even if we may not be Christians.
You could say that Bitcoin is cryptocurrency because if Bitcoin collapses, the cryptocurrency market will cease to exist. The value of all cryptocurrencies is fundamentally based on the value of Bitcoin. But I am reluctant to define Bitcoin this way—what is Bitcoin's core value? Digital gold? Tokenized energy? Fiat killer? In my view, Bitcoin's core value is that it establishes a form of modern religion, namely the faith capital market.
Secularization
Whether it is traditional religion or Bitcoin, secularization is a double-edged sword.
Take Christmas as an example; the global commercial value brought by Christmas (such as holiday retail, gifts, tourism, decorations, and related consumption) has significantly exceeded the commercial value of traditional Christian institutions (such as donations from believers, church tickets, sales, and related income). According to estimates from Statista and the National Retail Federation (NRF), the total holiday retail sales in the U.S. for 2024 are about $973 billion, expected to exceed $1 trillion for the first time in 2025. This is just data from the U.S. market, which accounts for about 40-50% of global Christmas consumption.
In contrast, the traditional "commercial value" of Christianity, such as donations from believers (tithes, offerings), church tickets (like tourist attraction churches), sales (like books, souvenirs), and related income, according to the "Global Christianity Status 2024" report from Gordon-Conwell Theological Seminary, totals about $1.304 trillion.
If we disregard the contributions of non-Christians to Christian-related tourist attractions and souvenirs, this $1.304 trillion should be further discounted.
Secularization has transformed Christmas from a strictly religious holiday into a global cultural phenomenon, which has certainly expanded the influence of Christianity to some extent but has also diluted its core religious essence.
The same goes for Bitcoin and the entire faith capital market it has created. Just as many people around the world view Christmas merely as a day of joy, an increasing number of cryptocurrency market participants are entering solely for speculation.
This is not a matter of right or wrong; it is an unstoppable inevitable process. But the question we want to point out here is whether celebrating Christmas has shaken the faith of traditional Christians, while the massive wave of speculation has shaken the faith of traditional Bitcoin believers?
Despite being secularized, the joyful atmosphere of Christmas does not cause Christians to doubt their faith, whereas the speculative atmosphere of the cryptocurrency market has led cryptocurrency believers to feel nihilism and frustration. The viral tweet "I wasted 8 years of my life in the cryptocurrency industry" is one of the best recent proofs.
Where does the problem lie?
Myth
I dare not easily conclude on this issue. From the intuitive feelings of a cryptocurrency player, I would cautiously say that it may be true, but more likely, Bitcoin has developed too quickly, and the basic support for Bitcoin faith is inherently much smaller compared to traditional religions.
More importantly, the cryptocurrency industry has gone too far down the "technological myth" path. All along, whether industry practitioners or speculators, they have repeatedly sought an answer to one question—"What else can blockchain technology be used for?" Practitioners use this to determine their entrepreneurial direction, while speculators use it to determine their speculative targets. When everyone is pursuing faster, more efficient, and more applicable blockchain solutions, it is essentially self-harm.
If the cryptocurrency industry is merely a second Nasdaq, then it is just wasting money on repetitive tasks. Moreover, wasting money is a trivial matter; the real harm lies in the dilution of the understanding of the essence of the "faith capital market" and the consumption of faith itself.
Without Christianity, there would be no popular cultural Christmas. Without a capital market forged by faith, there would be no paradise for entrepreneurs and speculators. If we ignore this obvious causal relationship, we will naturally continue to struggle with the question, "What new narrative do we need to create to attract more people into the cryptocurrency market?"
Whether traditional religion or cryptocurrency, it is inevitable to ponder this question—"In different eras, how to attract young people with different cultural preferences?" Bitcoin has provided a new answer, astonishing traditional religions in less than 20 years. Now, it is time for Bitcoin and the entire cryptocurrency industry to face this challenge.
Savior
Meme coins are the saviors of the cryptocurrency industry.
First, the foundation of the faith capital market is Bitcoin, but that does not mean we need to fervently promote Bitcoin maximalism again. The most fundamentalist and fanatical aspects of religion are often niche; whether it is the spirit of cypherpunk or the apocalyptic prophecies of the inevitable collapse of traditional finance, the novelty it brings to the new generation is gradually diminishing, and it inherently has a high threshold for understanding.
In other words, to revitalize Bitcoin as a specific religion is to underestimate Bitcoin itself, because what we actually need to revitalize is a "religion without a doctrine," a recognition that each person's faith can coalesce in the cryptocurrency market through the internet in modern times, not only to reap material wealth but also to unleash boundless power.
The core value of Bitcoin is "we all believe it has value." This may seem like a platitude, but it is actually a great decentralization of the authority to explain value. You and I can take a piece of paper and write "worth one gram of gold" on it, but we cannot persuade anyone to accept its value; there is no value anchor or central authority backing it. Starting from zero, overcoming barriers of language, culture, and geography, and even ultimately gaining recognition from institutions and governments, this greatness is vastly underestimated by the public.
Throughout history, individual consciousness has been extremely vulnerable and can be trampled at will, to the point where we underestimate our value as independent and living individuals, the value of each of our thoughts. In fact, the majority of the world's resources have been consumed in wars—wars that invade our consciousness. Political elections, advertising, public relations, and even some of the most basic common sense education we consider—all of these consume vast amounts of money, merely to ultimately make you and me believe whether something is good or bad.
The internet is great; it allows our thoughts to transcend everything, facilitating endless communication and collision around the clock. Cryptocurrency is great; it allows us to see very concretely what we can achieve when we mutually understand each other's thoughts, reach consensus, and form a massive scale with exponential growth.
The greatness of cryptocurrency is not only underestimated but even inverted. While the technology of building houses is indeed great, the core value of a house is to provide shelter. "A peer-to-peer electronic cash system" is certainly a brilliant concept, but its core value lies in the collective recognition that Bitcoin indeed has value and can be used as electronic cash like currency. Over the years, we have created countless so-called faster, more efficient, and more useful blockchains beyond Bitcoin, fantasizing that this would mean more living people entering this market.
It is like believing that, apart from religion, a phenomenon like Christmas can be rapidly and massively replicated. We mistakenly think that having a sword in hand makes us the unrivaled swordsman, but in reality, we have neither a sword in hand nor a sword in our hearts.
Secondly, meme coins have never truly gone through a complete and mature bull market cycle. To this day, many still believe that the value of meme coins lies in the crazy speculation of having no value. The popularity of pump.fun since last year and Trump's coin issuance have further polluted the true definition of "attention tokens."
What is a true meme coin? In fact, I don't even like the term "meme coin." The reason this term exists is that early $DOGE and $SHIB succeeded wildly in a context where people thought they were useless. We always tend to look for reasons after success while neglecting the value of faith. So, fine, their success is attributed to the huge influence of that smiling dog image worldwide, so we call it a "meme coin." Thus, let us continue to transport classic internet meme cultural symbols: Pepe, Wojak, Joe…
Here, I must pay tribute to Murad, who was the first to systematically explain what "meme coins" are, propose a quantifiable quality evaluation standard, and present it on a sufficiently large stage. His "meme coin supercycle" theory has gained significant influence in the cryptocurrency space.
He insightfully identified a crucial point—meme is merely syntactic sugar for faith assets; true faith assets must, like Bitcoin, clearly convey their doctrine, letting people know what they are facing, what needs to be changed, and how to influence or even change the world.
Therefore, $SPX is good because it is clear; it clearly tells people that we should mock traditional finance by surpassing the actual value of the S&P 500. So, $NEET is good because it is clear; it clearly tells people that the nine-to-five grind is just a scam, and we need to awaken more people to break free from the slavery of work.
Just as Bitcoin believers undergo rigorous training through price fluctuations, creating true faith assets is no easy task. In this process, new religions outside of Bitcoin must not only seek a truly clear positioning and meaning internally, uniting and consolidating the ideas of a large community, but also continuously expand their influence externally. This is destined to be a long process, and not every small progress will be reflected in price.
Meme coins are the saviors of the cryptocurrency industry; this is said because when everyone realizes that "meme coins" are actually just a misnomer that does not touch the essence, and "faith assets" shine brightly in the cryptocurrency market again, people will marvel, "Meme coins are back!" In fact, "faith assets" are the essence of this market. I won't say they are indispensable because they exist inherently.
Conclusion
The things that the world cares about change every year, every month, every day, and even every hour. We cannot expect cryptocurrency to always be one of the most关注的事物 in the world. If we lose faith, then this industry should die.
Greatness cannot be planned; we cannot predict what will cause cryptocurrency to become a top global topic again. This is a rigorous training. Bitcoin is a sociological model, a cyber religion, a form of religion. If we forget this point, the entire cryptocurrency industry is merely a "business" based on Bitcoin consensus. And what businesspeople want is never the continuous strengthening of consensus but the perpetual increase of income.
I cannot change anything, nor do I intend to change anything, but I will uphold my faith, the faith in the faith capital market.
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