Bitcoin, China, and the Expansion of Human Consciousness
By Ben Caselin, VALR CMO
As part of the podcast series; VALR Unfiltered: Money, Meaning & Society, I recently had in a fascinating discussion with Dr. David Palmer, Professor of Anthropology at Hong Kong University and an expert on Chinese culture and religion.
Our conversation explored the intersections of Bitcoin, China’s civilizational vision, and the potential for a new era of human consciousness. Drawing extensively from Dr. Palmer’s insights and the ideas we discussed, this op-ed reflects on how money, technology, and cultural visions like China’s DaTong are reshaping our world. It builds on the idea that we have entered a new Axial Age, where Bitcoin and similar innovations could foster novel forms of community and global cooperation, provided they are paired with ethical and spiritual progress to navigate today’s volatile geopolitical and economic landscape.
The Axial Age and Money’s Role in Consciousness
Dr. Palmer explored the concept of the Axial Age, a transformative period around 500 BCE when philosophical and spiritual traditions—Confucianism and Taoism in China, Buddhism and Hinduism in India, Socratic philosophy in Greece, and the Hebrew prophetic tradition—emerged across the globe. These movements urged individuals to transcend their egos and aspire to higher spiritual ideals. As Dr. Palmer noted, citing anthropologist David Graeber’s Debt: The First 5,000 Years, this shift coincided with the widespread adoption of money. “Money allowed for relationships to be made with ever wider circles of people,” he explained, enabling expansive social and economic networks. Unlike traditional gift-based economies, where relationships were unique and reciprocal, money anonymized exchanges, fostering individualism and enabling unprecedented greed.
This duality had profound implications. “Everything in your life becomes morally comparable,” Dr. Palmer observed, noting how religious concepts like redemption in Abrahamic traditions or dharma in Eastern philosophies adopted the language of ledgers and banking. Money’s ability to convert anything into anything else expanded human connections but also introduced materialism on an unprecedented scale. Yet, as Dr. Palmer emphasized, “The evil that can be generated by money also leads to the consciousness of infinite goodness, compassion, selflessness, and cosmic and universal meaning.” This interplay suggests that money is not merely an economic tool but a catalyst for transforming human consciousness, amplifying both our basest instincts and our highest aspirations.
A New Axial Age and Bitcoin’s Potential
We may be living in a new Axial Age, driven by technological innovations like Bitcoin and blockchain. Bitcoin, with its decentralized structure and fixed supply of 21 million coins, challenges centralized financial systems and the inflationary pressures of fiat currencies. In our discussion, I suggested that sound money could support peace by curbing the excesses of arbitrary money printing, which often fuels conflict or overconsumption. Dr. Palmer found this compelling, noting, “The idea of a form of money that’s not centrally controlled or can’t expand infinitely” creates new possibilities for how we conceive of value and exchange. While he admitted limited expertise in Bitcoin, he speculated that “the configuration of money, Bitcoin, these different currencies… will be associated with another transformation of consciousness.”
Bitcoin’s decentralized nature aligns with the Axial Age’s expansion of human connections. By enabling trustless, peer-to-peer transactions, it reduces reliance on intermediaries, potentially fostering communities that transcend traditional boundaries. This could reshape international relations, allowing for cooperation based on shared protocols rather than centralized control. However, as Dr. Palmer cautioned, the precise implications are unclear. Bitcoin’s volatility and speculative allure risk amplifying greed, much like money did in the first Axial Age. Yet, its fixed supply and transparency could also encourage accountability and restraint, aligning with visions of a more equitable global order. This duality underscores Bitcoin’s potential as both a disruptor of old systems and a tool for reimagining societal values.
China’s Vision of DaTong and Global Harmony
China’s civilizational vision offers an interesting perspective and pathway to a multipolar world, where nations respect each other’s sovereignty while fostering mutual benefit. “China supports this trend towards a multipolar world… [where] we engage in friendly relationships with each other,” he said, emphasizing non-interference and mutual respect.
This vision contrasts with Western narratives that often depict China as a threat. Dr. Palmer attributed this to a “crusader mentality” rooted in a good-versus-evil worldview. “If you’re not with me on my holy cause… you’ve got to be exterminated or subjugated,” he explained, noting that China’s refusal to align with Western ideals like liberal democracy or free enterprise, combined with its growing strength, challenges this mindset. “If the country is too strong… it becomes an existential threat for that whole mindset,” he said, leading to fear-driven portrayals in Western media. However, he observed that such negative perceptions are less prevalent in Belt and Road countries like South Africa, Turkey, or Vietnam, where sentiments toward China are often positive.
China’s engagement with Bitcoin further illustrates its nuanced approach. Despite regulatory restrictions to protect monetary sovereignty, China holds significant Bitcoin reserves from early mining and seizures, reflecting its historical role in the crypto ecosystem. This suggests China is not inherently opposed to decentralized technologies but seeks to balance innovation with order, consistent with DaTong’s emphasis on stability and harmony. Bitcoin could align with China’s vision by enabling new forms of economic exchange that respect national sovereignty while fostering global cooperation, provided it is integrated thoughtfully into its broader civilizational goals.
Technology, Ethics, and True Progress
Technological advancements like Bitcoin hold immense potential, but true progress requires more than material innovation. As I stated in our discussion, “We cannot really come to true progress unless we also strive for transformation at the level of human nature, human character.” Dr. Palmer echoed this, noting that money’s introduction in the Axial Age amplified greed but also inspired visions of selflessness. “The evil that can be generated by money also leads to the consciousness of infinite goodness, compassion, selflessness,” he said. Bitcoin’s promise—decentralized trust, financial inclusion—must be paired with ethical and spiritual growth to avoid replicating past cycles of materialism.
This balance is critical in today’s volatile world. Geopolitical tensions, market fluctuations, and systemic breakdowns reflect the failure of outdated structures. Dr. Palmer described these as “old systems… running amok in their incapacity to do what they are designed to do,” creating turmoil but also opportunities for new relational frameworks. Bitcoin, as part of this “experimental process,” challenges centralized financial systems, offering a glimpse of alternative economic models. Yet, its volatility tests our resilience, requiring a mindset that prioritizes long-term vision over short-term gains.
Navigating Volatility with Spiritual Detachment
The current global landscape—marked by wars, economic uncertainty, and cultural divides—demands a broader perspective. Dr. Palmer offered a qualitative assessment: “We’re all human beings… trying to build our lives individually and collectively.” Despite tensions, he believes “most of us really wish for the best for all of humanity.” He likened global diversity to “a garden with many different flowers of multiple colors,” suggesting that our differences enrich humanity when approached with mutual respect.
However, navigating this volatility requires detachment. “We are spiritual beings with souls whose essence is beyond all of these different forms of currency… beyond geographic territories, beyond races and ethnic groups,” Dr. Palmer emphasized. “The stock market goes up and down… Those whose heart is detached from it won’t be psychologically affected.” This perspective aligns with my belief that our essence transcends material concerns. By rooting ourselves in this understanding, we can approach Bitcoin’s potential and China’s global role with clarity, focusing on their contributions to a unified, harmonious world rather than fear-driven narratives.
Toward a Unified Future
Our discussion suggests we are at a pivotal moment, a new Axial Age where technologies like Bitcoin and visions like DaTong converge to reimagine human connection. Bitcoin’s decentralized framework could support a multipolar world of mutual respect, aligning with China’s aspirations for global harmony. Yet, as Dr. Palmer reflected, “The things that are happening now in the world will propel a next step in the expansion and rising of human consciousness.” This requires integrating material advancements with ethical and spiritual maturity, ensuring that innovations serve humanity’s collective good. As we face uncertainty, let us embrace this opportunity to build a world where technology and human character advance together, guided by a shared commitment to unity and progress.
Ben Caselin is the CMO of VALR and host of the podcast VALR Unfiltered: Money, Meaning & Society.
Risk Disclosure
Trading or investing in crypto assets is risky and may result in the loss of capital as the value may fluctuate.
VALR (Pty) Ltd is a licensed financial services provider (FSP #53308).
Disclaimer: Views expressed in this article are the personal views of the author and should not form the basis for making investment decisions, nor be construed as a recommendation or advice to engage in investment transactions.
