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Buying Bitcoin: Breaking Free From Fiat Control with Jimmy Song

Money has been a stealth enemy to faith. Without realizing, we are being covertly manipulated and enticed by the idea of wealth and power. While religion warns us about idolizing physical wealth, many people have been addicted to money — driving us further away from God. In a world driven by money, how can we break free from its shackles while still holding true to our faith?

In this episode, Tim Winders discusses Bitcoin and fiat currency with Jimmy Song. They dive deep into fiat control and how the current monetary system oppresses people. With the current fiat system being a cesspool of corruption, the challenge is to break free from it and its financial and spiritual repercussions. Correspondingly, Jimmy explores how and why you should opt out of the system. Lastly, you’ll learn how to serve God instead of money.

Tune into this episode to learn more about the relationship between faith and money!

3 Reasons to Listen:

  1. Discover how fiat currency manipulates people into serving money rather than God and why Bitcoin frees us from those shackles.
  2. Learn how opting out of fiat control and saving through Bitcoin brings you closer to God.
  3. Find out the three ways to buy Bitcoin.

Resources

Episode Highlights

[01:55] Meeting Jimmy 

  • Jimmy’s job doesn’t have a clear-cut definition.
  • He can be referred to as an expert witness, consultant, author, lecturer, podcaster, and being in Bitcoin but none of these capture what he really does.
  • He does many things in Bitcoin — from coding to public speaking.
  • He wears his hat because he loves the Wild West era when people were heading west to make a life for themselves which reminds him of the situation in Bitcoin.

[09:15] What is a Christian Libertarian?

  • The term “Christian libertarian” is relatively a political label.
  • Jimmy believes that freedom upholds the heart of the biblical scriptures because God gives us the liberty to choose.
  • Faith is not forced but a choice.
  • People sometimes think they’re free but they’re being enslaved to something else.
[10:03] “That’s the tragedy of human choices that oftentimes people choose not to follow God. That’s something that I feel very passionate about is that a lot of people think that they’re being free when really, they’re being enslaved to something else.” - Click Here to Tweet This
  • Libertarianism refers to securing individual freedom and the God-given rights that the government shouldn’t deprive its citizens of. 

[12:16] Can People Handle Responsibility?

  • For the most part, Jimmy believes people can’t handle responsibility and that’s why we fall to sin and seek redemption from Christ.
  • Freedom without God ends up in sin. 
  • Forcing people isn’t genuine and only leads to compliance or fear of repercussions.
  • Freedom comes with responsibility, and we can only acknowledge this if we turn to God.
  • Reformation and transformation should emanate from our core through spirituality.

[16:25] What’s Wrong in Our Current Monetary System? 

  • In the book The Maker Versus the Takers, Jerry Bowyer analyzes Jesus’ encounters with the rich and the poor in the Bible.
  • The current monetary system is a cesspool of theft, corruption, and cronyism.
  • Listen to the full episode to hear Jimmy break down the issue of centralization in printing money in the current monetary system!
  • While the science of economics studies the “seen” effects of loans in creating money, we should scrutinize the “unseen” effects as well.
  • Using the dollar as a store of value hurts the poorest and most vulnerable people around the world through inflation. The current monetary system benefits few and hurts many.
[25:42] “Your stimmy checks, all your PPP loans, everything that you are benefiting from through government largess — it ultimately hurts people and it’s usually people that can’t fight back.” - Click Here to Tweet This

[27:46] Getting People to Care 

  • People tend to care when it’s already too late.
  • While almost every revolution in history can be traced back to high taxes, inflation is a form of tax that’s quite tricky.
  • The mechanics of hyperinflation and inflation exacerbate the current monetary system — tune in to find out how the situation has changed since Jesus’ time!
  • But currently, we have a decentralized form of money that promotes sovereignty over your finances.

[33:22] Opting Out of the System

  • It’s possible to opt out of the current monetary system by not using the money — which is often used to control people.
[35:20] “Being able to opt out is an important feature, not just for this ability to not be subject to the government, but because it gives you personal freedom, it means that you can use the money in a way you find moral and just...” - Click Here to Tweet This
  • In the hands of the wrong person, money could be used for evil deeds.
  • Putting someone else in authority of your money makes you their servant.
  • When human rights organizations go against a government, the government retaliates by shutting down their bank accounts, making them impotent.
  • Being able to opt out of financial coercion means breaking free from the shackles of the government and gaining personal freedom.

[40:13] On Fiat Money

  • Fiat is Latin for “let there be” and invokes an act of creation.
  • Money used to be backed by gold but now it’s backed by nothing.
  • Interested to find out how World War I and II changed the world of money? Listen to the full episode to learn about the effects of war on fiat money.
  • Ultimately, fiat money is money created out of nothing that allows control over people.

[48:01] Bitcoin’s Emergence and Impact

  • Technically, since God gave us everything, one could say God gave us Bitcoin.
  • Satoshi Nakamoto, the inventor of Bitcoin, was part of Cypherpunk — a mailing list that goes back to 1992 consisting of people vouching for financial privacy as a right.
  • There were many predecessors to Bitcoin that Satoshi combined to decentralize money.
  • Bitcoin was introduced in 2009 as a response to the authoritarian fiat control.

[54:07] Jimmy’s Entry to Bitcoin

  • Jimmy pursued Bitcoin in 2011.
  • He had been a programmer all his life and came across an article about Bitcoin.
  • Reading it, he found out Bitcoin has reached dollar parity which is equivalent to a dollar.
  • That set him off on his Bitcoin journey and wrote his first book called Programming Bitcoin.

[58:59] Setting Yourself Free

  • The first thing we must do to free ourselves from fiat control is get out of debt.
  • People must wrestle with the spiritual aspect of monetary debt to steer away from the enslavement of money.
  • “Sowing and reaping” means you can save yourself from the unjust systems; Bitcoin is the perfect way to do that.
  • Being enslaved to debt kills your passion and corrupts your soul and getting rid of it entails cutting back on your lifestyle. Think of it as purification.
[59:17] “Most of us live lives where we are serving our debt and not serving God.” - Click Here to Tweet This
  • Tune in to the full episode to find out about fiat mentality and how Bitcoin breaks that by giving people the ability to save; thus, offering liberty!

[1:08:49] 3 Ways to Buy Bitcoin

  • Download Cash App on your phone, click the Bitcoin symbol at the bottom, and enter your debit card to buy Bitcoin.
  • Go to River Financial’s website and enter your bank information.
  • Go on Bitcoin.

[1:12:11] Predicting the Future

  • The incentives are clear in a fiat monetary system and the government plays to those.
  • More money printing and bond yields dropping need to happen to keep the financial sector afloat and the upper class wealthy.
  • Jimmy suspects money printing will continue and there will be continuous asset inflation, specifically stocks in real estate, but Bitcoin will remain with a fixed supply limit.

[1:16:31] The Future of Bitcoin

  • Bitcoin is already a big thing and is being used in the industry to denominate everything.
  • Jimmy does only a few investments because the returns on Bitcoin are significantly higher and they must be worthwhile for him.
  • Listen to the full episode to learn more about how Bitcoin will pop the economic bubble!

[1:22:10] Seek, Go, or Create?

  • Jimmy chose “create” because there’s been too little of it in the last hundred years.
  • “Create” shows how we are created in God’s image and likeness and we also have that ability to form ideas and make things.
  • At the heart of Christian living is providing goods and services to others for a fair price.
[1:24:06] “If you can provide something that is fair to the market, I believe that you are loving others as you would have them love you.” - Click Here to Tweet This
  • We should create something for others to use that contributes to His creations.

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To growing and becoming all we are created to be,

Tim

About the Podcast

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Seek Go Create
Redefine Success in Leadership, Business & Ministry

About your host

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Tim Winders

Tim Winders is a strategic coach, author, and host of SeekGoCreate, a podcast, and YouTube interview show. He has worked in the areas of leadership, business, and ministry for almost 40 years. Tim was the guy that looked like he had it all: the big house in a Country Club resort, two businesses valued at over a million dollars each, plus over $15 million in real estate. But, in 2008, the real estate markets crashed. After a slow and painful erosion of his companies, he and his wife were bankrupt and homeless living out of their Honda van by 2013.

Fast forward to today. Tim and his wife are still homeless, but they consider themselves essential nomads. They live, travel, and work in their 39-foot motorhome while enjoying the best locations North America has to offer. Through this journey, he is convinced that we must redefine success in order to live our best life. This topic is what he has explored with his guests on the SeekGoCreate podcast since 2019.