Unlocking the Potential of Bitcoin for Global Mission
In our ever-evolving world, it’s critical that we adapt, innovate, and harness new technologies in light of the Great Commission. One such opportunity lies in the realm of digital currencies, especially Bitcoin, which holds immense potential for the global mission community.
The global financial landscape presents challenges, especially in developing nations. Even simple transactions can be cumbersome, costly, or potentially risky. Mission workers and ministries often grapple with cross- border payments, limited access to funds, and difficulties in raising capital, among other issues. The problem is amplified by the fact that a staggering 87% of the global population doesn’t have access to stable currencies like the dollar or euro, with 1.7 billion people unbanked altogether. The regions most impacted by these issues are also the most unreached with the Gospel.
The advent of Bitcoin presents a significant opportunity to overcome these obstacles. Bitcoin is a global payment network and a bearer asset. In the past decade, it has been instrumental in solving numerous financial problems in the Global South.
As a payment network, Bitcoin provides a practically instantaneous, cost-free platform for global monetary settlement, bypassing the need for banks or middlemen. It democratizes financial transactions, enabling anyone with a computer and an internet connection to transfer money worldwide and securely store wealth.
As an asset, Bitcoin, through robust encryption technology, guarantees a safe store of value that is immune to confiscation, censorship, or debasement. Its monetary policy and supply cap are transparent and unaffected by the political or economic policies of any nation. From zero value at its inception, Bitcoin has grown into a $550 billion asset class over 14 years, offering people without access to appreciating assets a chance to hold the best performing asset of the past decade.
While the Global Church and the developing world are already actively embracing Bitcoin, global adoption is still in its early stages. The mission community has the unique opportunity to leverage Bitcoin’s growth for Great Commission impact by acquiring knowledge and skills to navigate this new financial landscape and payment technology.
Some faith-driven entrepreneurs and organizations are already pioneering work in this space, exploring Bitcoin’s potential for community impact. However, there is a missing link connecting community economic development with explicit Gospel proclamation, discipleship, and church planting—a link we are determined to catalyze.
A small team from the Ralph Winter Launch Lab of Frontier Ventures received an innovation grant from Missio Nexus to explore the potential for utilizing Bitcoin as a tool for global mission. They plan to host design labs in Central America, Africa, and the Middle East to explore Bitcoin-based solutions to the complex economic challenges faced by those living in the developing world.
If you’d like to learn more about this project or participate in a design lab, email us at: [email protected].