One year ago, I participated in a debate on Twitter Space, "Has Bitcoin's development to this day relied on faith or capital manipulation?" Deep down, I believe this debate should never have taken place, and I even fell into deep disillusionment in the period following the debate.

I have always believed that the core value of the cryptocurrency industry is consensus and culture, or rather, faith. When I quit my job in the traditional industry and wholeheartedly committed to this industry four years ago, this was my mindset. Alongside the success and failure of transactions, my emotions have fluctuated countless times, but my belief has never wavered.

For cryptocurrency players, 2025 has been a more disappointing year. As this year comes to an end, we still have not been able to address the biggest issue facing the cryptocurrency market today — the breakdown of narrative, the loss of faith.

As an ordinary cryptocurrency industry practitioner, although my work is very ordinary, in these four years, I have seen some things, pondered some things, and I have always had a vague feeling that one day, I would systematically write these thoughts into an article. Now is the time.

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 "Dhammapada," Islam has the "Quran," and Bitcoin has "Bitcoin: A Peer-to-Peer Electronic Cash System."

If we were to delve into more detailed comparisons, we would find that beyond the aforementioned levels, Bitcoin shares many similarities with traditional religions. For example, Bitcoin also has its own doctrine (the modern financial order will eventually collapse, and Bitcoin will become the Noah's Ark at the end of the modern financial order), its own religious rituals (mining and HODLing), has also experienced schisms in its development, and has also become a tool used by governments for specific purposes after reaching a certain scale, and so on.

But if we were to call Bitcoin a "modern religion," we must discuss its differences from traditional religions.

First and foremost, "decentralization," a term that has developed in the current crypto industry, even faintly carrying a hint of mockery, is undoubtedly the most fundamental characteristic of the modern religion represented by Bitcoin. What I emphasize here is not the degree of decentralization at which a blockchain network operates, but rather "whether the cohesion of consensus is a decentralized process."

Bitcoin's "genesis god," Satoshi Nakamoto, chose "self-exile," abandoning his own authority, thus creating a brand new world. Bitcoin does not have a symbolic central authority figure, nor does it have a central individual or entity with actual divine authority, growing inversely from the bottom up, organically and robustly. The Bitcoin whitepaper and the phrase in the genesis block, "The Times 03/Jan/2009 Chancellor on brink of second bailout for banks," have never been altered. You can interpret them in any way you like as long as you are interested.

Satoshi Nakamoto is the most human-like "creator god," but also the least human-like, because he demonstrated non-human ethical standards, or rather, ideal pursuits. Satoshi Nakamoto possessed not only billions of dollars worth of Bitcoin, but also the ability to single-handedly destroy this religion, akin to having a button that, when pressed, could obliterate the world, yet he vanished just like that. If you delve deeper, after so many years of Bitcoin's development, Bitcoin believers still trust that Satoshi Nakamoto is forever watching over the world he created, and even today, as governments of various countries have begun to believe, you will realize how incredible it all is.

Next, the "Internet," which has made Bitcoin unlike traditional religions that rely on face-to-face preaching, war conquest, or migration to attract followers. The Internet not only made Bitcoin's dissemination no longer linear and geographical like traditional religions, but also endowed Bitcoin with modern infectious elements like meme culture to attract the younger generation.

Of course, there are "Devotion and Reward," as well as "Fork and Expansion." These two points are essential as they determine that modern religion is essentially a "faith capital market."

Faith Capital Market

If you are a Bitcoin believer, you do not need to fast or undergo ascetic practices; you only need to run a Bitcoin full node or hold Bitcoin.

When your faith in Bitcoin is challenged, whether it be the block size debate, or the emergence of smart contract public chains like Ethereum, Solana, and others, you do not need to engage in holy wars; you still only need to run a Bitcoin full node or hold Bitcoin.

Whether running a Bitcoin full node or holding Bitcoin, both can be seen as religious rituals of the Bitcoin religion. This kind of religious ritual does not promise you the hope of a better life or give you longings for a blissful afterlife; instead, it tangibly provides believers with material and spiritual dual rewards through price performance.

Likewise, whether it is the block size debate, or the emergence of new public chains like Ethereum, Solana, the various debates ultimately result in the continuous rise of the cryptocurrency market capitalization. In cryptocurrency, faith conflicts no longer lead to physical annihilation or spiritual conquest but rather present a situation entirely opposite to traditional religions—where traditional religions conflict to explain the world, eventually dividing the world. Cryptocurrency conflicts spark creation, spreading infinitely like the universe 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 faiths.

Bitcoin is certainly a specific modern religion. However, from the perspective of founding the "faith capital market," its significance far exceeds that of a specific modern religion. I call it the "religion of no religion." As Bitcoin has developed to this day, it has undergone secularization similar to traditional religions, manifested specifically in religious rituals transitioning from running Bitcoin full nodes, to HODLing, to the point where hardly any cryptocurrency players emphasize its specific meaning, and instead, it quietly sits atop the cryptocurrency market pyramid like a totem. Just as Christmas is no longer exclusively a Christian religious holiday in today's world, where we enjoy Christmas trees, gifts, and the festive atmosphere, changing our social media account avatars to wear Santa hats during Christmas, although we may not be Christians ourselves.

You could say that Bitcoin is the cryptocurrency because if Bitcoin were to collapse, the cryptocurrency market would cease to exist. The value of all cryptocurrencies, their foundation is the value of Bitcoin. But I'm not so willing to define Bitcoin that way — what is the core value of Bitcoin? Digital gold? Tokenized energy? Fiat slayer? In my view, the core value of Bitcoin is that it has established a modern form of religion, namely faith in the capital markets.

Secularization

Whether it is traditional religion or Bitcoin, secularization is a double-edged sword.

Take Christmas, for example. The global commercial value brought about by Christmas (such as holiday retail, gifts, tourism, decorations, and related consumption) has significantly exceeded the commercial value of traditional Christian institutions (such as congregational donations, church tickets, sales, and related revenue). According to estimates by Statista and the National Retail Federation (NRF), the total U.S. holiday retail sales in 2024 are approximately $973 billion, expected to surpass $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 spending.

In contrast, the traditional "commercial value" of Christianity, such as congregational donations (tithes, offerings), church tickets (e.g., touristy church visits), sales (e.g., books, souvenirs), and related revenue. According to the "Global Status of Christianity 2024" report by Gordon-Conwell Theological Seminary, this amounts to approximately $13.04 trillion.

If we exclude contributions from non-Christians visiting Christian-related tourist sites and buying souvenirs, this $13.04 trillion needs further adjustment.

Secularization has transformed Christmas from a strictly religious holiday to a global cultural phenomenon, undoubtedly expanding the influence of Christianity to a certain extent but also diluting its religious core.

Bitcoin and the entire faith-based capital market it has created are similarly affected. Just as many people around the world now see Christmas 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 but an unstoppable inevitability. However, the question we raise here is: Celebrating Christmas has not shaken the faith of traditional Christians. Has the massive speculative frenzy shaken the faith of traditional Bitcoin believers?

Both are forms of secularization. The joyful atmosphere of Christmas does not cause Christians to doubt their faith, but the speculative atmosphere of the cryptocurrency market has led cryptocurrency believers to feel emptiness and disillusionment in their faith, as seen in the recent viral "I've wasted 8 years of my life in the cryptocurrency industry" post on Twitter.

Where is the problem?

Misconception

I dare not easily draw a conclusion on this issue. From the intuitive perception of a crypto player, I would be very cautious to say that it might exist, but it is more likely that Bitcoin has developed too quickly, and the fundamental belief in Bitcoin itself is much smaller compared to traditional religion.

More importantly, the cryptocurrency industry has gone too far in the "technology misconception." All along, whether industry practitioners or speculators, have been repeatedly seeking an answer to a question— "What else can blockchain technology be used for?" Practitioners use this to determine their entrepreneurial direction, and speculators use this to determine their speculative targets. When everyone is pursuing a faster, more efficient, and more practically applicable blockchain, it is undoubtedly self-harm.

If the cryptocurrency industry is just the second NASDAQ, then it is just wasting money doing the same thing over again. Moreover, wasting money is just a trivial matter. The significant damage lies in the fading understanding of the "faith capital market" and the consumption of faith itself.

Without Christianity, there would be no popular cultural Christmas. Without the capital market cast by belief, there would be no paradise for entrepreneurs and speculators. If we overlook this obvious cause-and-effect relationship, we will naturally continue to ask ourselves, "What new narrative do we need to create to attract more people to enter the cryptocurrency market?"

Whether traditional religion or cryptocurrency, unavoidably, they have to consider this question— "In different eras, in what way should we present ourselves to attract young people with different cultural preferences?" Bitcoin has presented a new answer, astounding traditional religions in less than 20 years. Now, it's time for Bitcoin and the entire cryptocurrency industry to face this challenge.

Savior

Meme coins are the savior of the cryptocurrency industry.

Firstly, the foundation of the faith capital market is Bitcoin, but this does not mean that we need to fervently promote Bitcoin maximalism again. The most orthodox and fanatical presence in religion is often niche, whether it's the cypherpunk spirit or the doomsday prophecy that traditional finance will eventually collapse, the novelty it brings to the new generation of young people is gradually diminishing and inherently has a high barrier to understanding.

In other words, to revive the specific religion of Bitcoin is actually to underestimate Bitcoin because what we actually need to revive is a "religionless religion," a cognition that everyone's belief can converge in the modern age through the internet in the cryptocurrency market, not only to gain material wealth but also to unleash infinite power.

The most core value of Bitcoin is that "we both believe it has value." This seemingly obvious statement is actually a great decentralization of the right to interpret value. Both of us can casually take a piece of paper, write "value of one gram of gold" on it, but we have no way to convince anyone to accept its value. Without any value anchor and central authority endorsement, starting from scratch, crossing many obstacles such as language, culture, geography, and finally even gaining recognition from institutions and governments, this greatness has been far underestimated by the public.

From ancient times to the present, individual consciousness has always been extremely weak, easily trampled upon, to the extent that we have all underestimated ourselves as individual and vivid beings, the value of each individual idea. In fact, the world's most abundant resources have been consumed in wars—the wars that invade our consciousness. Political elections, advertising, and even some of the most basic common sense education that we consider are all costing a huge amount of money just to ultimately make us believe whether something is good or bad.

The internet is great; it allows our ideas to transcend everything, to engage in communication and collisions around the clock. Cryptocurrency is great; it allows us to see very concretely what we can achieve when we mutually understand each other's ideas over time and, with exponential growth, form a huge scale.

The greatness of cryptocurrency has not only been underestimated but even inverted. While construction technology for houses is great, the core value of a house is to provide shelter. An "electronic cash system peer-to-peer" is, indeed, a brilliant concept, but its core value is everyone acknowledging that Bitcoin is truly valuable and can be used as electronic cash like traditional money. Over the years, we have created countless so-called faster, more efficient, and more effective blockchains outside of Bitcoin, imagining that this would mean more living people entering this market.

It is like how we think, apart from religion, phenomena like Christmas can be massively and rapidly replicated. We believe that with a sword in hand, we can become a dominant swordsman. But in reality, not only do we lack a sword in hand, but we also lack one in our hearts.

Furthermore, meme coins have never truly gone through a complete and mature bull market cycle to this day. To this day, many people still believe that the value of meme coins lies in the crazy hype of having no value at all. The popularity of pump.fun last year and Trump's coin issuance have once again polluted the true definition of meme coins with "attention tokens."

What is a real meme coin? In fact, I don't even like the term "meme coin." The reason we have this term is that in the early days, $DOGE and $SHIB were highly successful in situations where people thought they were useless. We always tend to look for reasons after success but overlook the value of faith. So, well, their success is because that smiling dog picture has a huge influence worldwide, so let's call them "meme coins." So, well, let's continue to carry on with the classic meme culture symbols of the internet, Pepe, Wojak, Joe...

Here, I have to pay tribute to Murad, who was the first to systematically explain what a "meme coin" truly is, proposed a set of quantifiable quality assessment standards, and delivered a speech on a significant stage. His "meme coin supercycle" theory has gained enough influence in the crypto space.

He grasped a very crucial point - a meme is just the syntax sugar of a belief asset. A true belief asset must, like Bitcoin, be able to clearly let people know its doctrine, know what we are facing, what needs to change, and how to impact or even change the world.

So, $SPX is good because it is clear, clearly telling people that we are going to ruthlessly mock traditional finance through surpassing the actual value of the S&P 500. So, $NEET is good because it is clear, clearly telling people that the 9-5 rat race life is nothing but a scam, and we are going to liberate more people from the bondage of work by awakening them.

And just as Bitcoin believers undergo penance through the ups and downs of the price, shaping a true belief asset is by no means easy. In this process, new religions outside of Bitcoin not only need to introspectively find a truly clear positioning and meaning, unite and consolidate the idea of a massive community, but also continuously expand their influence outward. This is bound to be a long process, and not every tiny bit of progress will be reflected in the price.

Meme coins are the savior of the cryptocurrency industry, as when everyone realizes that "meme coin" is actually just a misnomer that doesn't touch the essence, and "belief assets" once again shine brightly in the crypto market, everyone will marvel, "Meme coins are back!" In fact, "belief assets" are the essence of this market. I won't say it's indispensable because it naturally exists.

Conclusion

What the world cares about changes every year, every month, every day, and even every hour. We cannot expect cryptocurrency to always be one of the most attention-grabbing things in the world. If we lose faith, then this industry should also perish.

Greatness cannot be planned; we cannot anticipate what will make cryptocurrency once again a global hot topic. This is a penance. Bitcoin is a sociological blueprint, a cyber religion, a form of religion. If we forget this, the entire cryptocurrency industry is nothing more than a "business" based on Bitcoin consensus. And what businessmen want has never been the continuous reinforcement of consensus but the eternal increase in revenue.

I cannot change anything, nor do I intend to change anything, but I will uphold my faith, faith in the capital markets.

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