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My friends and friends’s friends scratch their heads bamboozled when I tell them that Bitcoin is a tool for promoting peace. But that’s not all: Bitcoin is essentially a peaceful invention that shapes the monetary infrastructure to be more ethical and fair. First, protesters can receive donations in Bitcoin, so they don’t have to worry about their cash flow being cut off and their nonviolent movement losing momentum. Nation-states can also benefit from this feature in specific situations. Second, governments cannot create more bitcoin out of thin air like they do debt, making it more difficult to weaponise Bitcoin for military campaigns.

The story begins in 2011, when the US government cut off Wikileaks’ funding. The cash flow dried up and the organisation’s operations were threatened. Among other things, Wikileaks revealed documents leaked by whistleblowers about US war crimes and corruption. In order to survive financial censorship and continue its work, Wikileaks urged its supporters to donate bitcoin. In practice, Bitcoin became their only means of ensuring the continuity of their operations.

A similar development was seen in the east in 2016 with the Russian opposition movement Anti-Corruption Foundation (FBK). Led by the late Alexei Navalny, the organization published extensive material exposing the links between the country’s political elite and those in power to corruption. In response, the authorities ransacked the organisation’s offices, arrested employees, and froze bank accounts. The aim of this crackdown was to paralyse the organisation’s activities and prevent further revelations. As a result, FBK turned to Bitcoin, which enabled it to continue its activities despite the censorship.

Four years later, on the other side of the world, young Nigerians took to the streets to protest against police violence and demand systemic reforms. The Feminist Coalition, which rose to support the movement, organised essential resources for the protesters, such as food, medicine, and legal aid. About two weeks after the protests began, the Nigerian government froze the coalition’s bank accounts without warning or court order, seeking to cut off the movement’s financial backbone. In response, protesters immediately switched to accepting bitcoin donations. By the end of the year, bitcoin donations had raised about 60 million naira, enabling the movement to continue despite government pressure.

A similar situation occurred in Canada with the Freedom Convoy movement. When Covid-19 restrictions and vaccine mandates came into effect in 2022, protests erupted, drawing thousands of participants and hundreds of vehicles from across the country to Ottawa. Initially, the movement financed its activities through crowdfunding platforms, but the government of this democratic country invoked an emergency act that allowed bank accounts to be frozen without a court order. As a result, the protest movement immediately switched to relying on Bitcoin donations. Unfortunately, Bitcoin donations did not help the Canadian protesters, as they did not use Bitcoin independently and technically correctly, but relied on third parties who were able to freeze the funds.

These stories, among many others, show how Bitcoin helps resistance movements continue their activities so that fellow citizens can live in better conditions. Unfortunately, there is inevitable resistance and skepticism towards Bitcoin in general. People have long-held views of Bitcoin as the latest money grab by capitalists, which will die like all other pyramid schemes. As a result, people do not understand what Bitcoin really represents. Indeed, we must start from the end to get to the heart of the matter.

First, we need to dispel a few myths and assumptions about Bitcoin. The first common idea is that “Bitcoin is criminal money.” That is, the money of porn producers, money launderers, terrorists, hackers, drug dealers, and child abusers. Maybe it was. Maybe it still is. But the user base of Bitcoin has grown so rapidly that it can no longer be said to be the money of crooks. These are old stories that do stand the light of day, even though Finland has cold winters and dark hours.

Unfortunately, Bitcoin is perceived as the aforementioned moral scourge, which is why understanding does not penetrate deeper than the surface. Bitcoin is blamed for all human evil, so it is impossible to see it in a positive light. And yet, the demographics are simply all-encompassing, although the skew currently favors white, wealthy men who understand technology. That too will change over time. In practice, Bitcoin is open to everyone.

Another misconception is that Bitcoin destroys nature. This is an old story, and the new reality does not match it. Today, Bitcoin’s annual consumption mirrors Sweden’s annual figures. Wait a minute, isn’t this the very energy waste and destruction of nature?! someone might ask. It’s true that just a few years ago, Bitcoin miners consumed an obscene amount of Chinese and Kazakh fossil fuels to support the decentralised money network and network security. But now, fortunately, those taps have been turned off.

The evidence today tells a different story. Researcher Daniel Batten’s Bitcoin Energy and Emissions Tracker shows that half of the Bitcoin network’s energy consumption comes from renewable sources. There is still a long way to go before the network runs entirely on clean energy.

Bitcoin fundamentally consumes energy because only through work can something valuable, meaningful, and sustainable be created. It makes sense from physics classes that there is no such thing as a free lunch. In short, we can say that Bitcoin’s energy consumption is not a quirk but a feature. Namely, energy consumption is generated by a kind of honest capitalists who secure and maintain the existence of the Bitcoin network by playing by the rules of the network. They are rewarded with bitcoins and make a profit. They are also called “miners.” This is only economically viable if energy costs and other expenses are lower than the market value of Bitcoin. That is why many miners are switching to renewable energy, as it is becoming increasingly cheaper than gas or coal.

In fact, bitcoin miners can, in the best case scenario, promote the green transition. This is because the nature of renewable energy is problematic: energy production varies depending on the position of the sun, the amount of cloud cover, wind strength, and water flow, while consumption is steady at certain times of the day, such as in the morning and afternoon, but not at night. Energy networks cannot cope with such fluctuations, even if there is enough energy for everyone. As a result, the network is shut down at night when no energy is consumed or when a shortage of demand threatens the balance of the electricity network. The equation becomes more apparent in everyday life when we time the use of the sauna and oven due to fluctuating electricity prices. Bitcoin miners would balance power grids and prices without shutting down power plants and equipment.

It is important to understand that peace is strongly linked to ecological well-being. Mother Nature influences our well-being simply through low cortisol levels and by colouring our mental landscape. We come from nature, and that is where we will end up. Destroyed nature is seen in connection with evil through symbols, stories, religions, and scientific research. Bitcoin does not destroy nature by accelerating climate change, but is part of the green transition as a flexible electricity buyer.

In contrast, the ethics of shiny precious metals and stones are tainted by colonialist and violent backdrop. In this respect, if we take a deliberately narrow-minded approach, maintaining the Bitcoin network is probably more ethical than mining shiny metals and precious stones from the ground, assuming that we consider gold and diamonds to be solely stores of value. They do have many other uses, but this is probably their main function. Historically, these stones have had colonialist and militaristic purposes, not to mention the destruction of nature. The physical infrastructure of the Bitcoin network is a gray, boring warehouse building from the outside. Moreover, anyone can “mine” it from anywhere, contrary to precious metals.

Thirdly, we are prisoners of our own biases. This means that we may not understand the bigger picture of how different everyday life is for some other people who live on the other side of the world, in Argentina for example. We may have heard some stories in the news, but that’s about it. In reality, people live very different lives from us here in the Nordic countries. On the other hand, we Finns have not escaped the effects of globalisation either. Despite this, Finns are said to enjoy a better quality of life and happiness than the rest of the world, at least according to certain indicators. We rarely need to look further afield.

The fact is that about two-thirds, or little more than five billion people, live under authoritarian rule. In the worst cases, this sadly means that their money is only good for toilet paper or kindling. This is difficult to understand because we do not live their lives moment to moment. This empathy is also more difficult to share in a world where militarism and nationalism rage. Under authoritarian rule, there may be a negative peace from war and conflict, but positive peace is completely absent: namely, respect for human rights and justice.

So far, we have seen how old stories shape our minds to be judgmental. In fact, I have conducted research to find out what tone Yle uses when writing about Bitcoin. The answer is negative. I was surprised by the results. This is not the fault of one media company, but a broader phenomenon. As a result of this phenomenon, few have written about how Bitcoin is related to peace. Is it surprising, then, that Bitcoin is seen as a tool of destruction by money-worshipping devils?

Now we get to the heart of the matter. As Finns, we only understand Bitcoin as a risky investment and speculation on its future price. It is probably a prime example of the chauvinistic welfare state model of how much we can play with money. But as I mentioned, many other people are not as privileged. In the everyday reality of tyranny, censorship is not uncommon.

There is a clear pattern in the stories mentioned above. First, protesters are labeled as terrorists and then stalked until an investigation is opened without any actual crime having been committed. Many doors are closed one by one and bank accounts are frozen at will. Unfortunately, the difficulties in the lives of human rights defenders do not end there. After that, they are repeatedly imprisoned and fined. Routine threats, assaults and torture can, in the worst cases, drive a person into exile or death.

In such an unpredictable environment, Bitcoin enables uncensored money transfers. This can be vital. Knowing that you have money set aside for a rainy day brings a sense of security and inner peace. Lack of money is one of the biggest sources of anxiety for both the unemployed and human rights activists. Bitcoin promises money that cannot be frozen, confiscated, or blocked, as long as the user knows how to own and retain the rights to use their own bitcoins. It’s easy, but it takes a little learning. For example, Canadian truckers did not learn how to use Bitcoin properly. They kept their bitcoins in the custody of third parties, which is why their bitcoins could be confiscated.

When used correctly, Bitcoin is open to everyone and does not require proof of age, nationality, or other background. Its special appeal lies in the fact that users only need to remember twelve words, which act as a kind of secret “treasure chest key” that must be kept safely hidden. This key gives access to one’s own bitcoins, and control over them is entirely in the hands of the key holder. No one else can prevent them from using their bitcoins.

In my master’s thesis, I showed which non-violent campaigns and movements have used bitcoin. The most interesting aspect of my research was not so much their stories, but how quickly the adoption of bitcoin progressed. In other words, bitcoin donations began as soon as the aforementioned American, Canadian, Russian, and Nigerian authorities attempted to silence civil society organisations by cutting off their cash flow.

What is also fascinating about economic censorship is how it not only infringes on individuals and groups, but also on nation-states. This is a bit ironic, considering that it is the state administrations that censor the repulsive representatives of counterculture, i.e., modern-day hippies, feminists, or paranoid truck drivers. You see, states wage war against each other in an anarchic sandbox where there are no rules. This eternal conflict is called the theory of Realism in international relations.

In this power game, money has a very different purpose. Usually, money can be used to buy and sell, but for them it is more of an instrument of power that can be used to blackmail other countries. When a vassal is dependent on the monetary policy of the ruler, the subject may experience anxiety about the “king’s” possible freezing of assets, confiscation, sanctions, and closure of various payment channels. Money is, as it were, “weaponised” so that nation-states can engage in “economic warfare” behind the scenes.

In international politics, economic censorship such as sanctions is the first tool that states readily use. Sanctions do not in themselves involve violence, although the consequences can be severe for innocent people in the long term. When Iraq was completely shut out of the market in the 1990s, innocent children died needlessly. But it is better for Russia to end up on the sanctions list than for us Finns to end up on the front lines. That is hard to argue with. Sanctions are a tricky topic.

Finland voluntarily adopted the euro, and we have enjoyed the simplicity and ease it has brought. We are dependent on the monetary decisions made in Frankfurt, which only the Finns Party (“persussuomalaiset”) has woken up to seriously question. And yet Europe as a whole is dependent on the US dollar, for better or for worse. Recently, Europeans have also questioned their dependence on the United States in many different areas, because the current US administration threatens our sense of security and stability. Europeans are looking for alternatives, but Bitcoin is unlikely to create much certainty and optionality in the minds of Europeans at this point.

Nevertheless, Bitcoin is technically an alternative for those countries that, in the worst case, have been marginalised by others. There are probably good political reasons for such isolation, such as violations of agreed-upon international rules. In theory, it could even happen that a country independently “violates” international rules because it considers them unfair and unjust. Or even that the country is not deliberately isolated, but that a superpower such as the United States isolates itself, forcing others to play the same game. This dynamic works in the same way as an arms race: it is a self-reinforcing cycle to which others respond in kind, with an eye-for-an-eye strategy. Such situations and ideas are entirely possible.

As a final example of Bitcoin’s peace-building nature, I would like to mention that there are only 21 million bitcoin. That is why it is considered “digital gold.” There are no more and there will be no more. That’s how it’s written in the code, and that’s that. The code hasn’t changed in 16 years. Many altruistic Bitcoin enthusiasts and profit-seeking Bitcoin miners would not accept such a fundamental change to the code. It is the magic of consensus in a decentralised system in the eyes of a layman. In practice, a majority vote is required for change, and even then, the “new Bitcoin” is not a guarantee that the majority of people will believe in and use it. This is why many other cryptocurrencies and “new Bitcoins” have failed to deliver on their value promises, because people do not believe in them. After all, money is based on people’s belief that this something has value.

Today’s money is reminiscent of Sampo in the Kalevala, which promises endless riches to its owner. That is, Sampo is a mythical wealth-making machine in the Kalevala. The Kalevala is a 19th-century compilation of epic poetry, compiled by Elias Lönnrot from Finnish, Karelian and Ingrian folklore and mythology, telling a story about the Creation of the Earth and more.

Central bankers conjure money out of thin air, which means it only has value for short-sighted and rapid consumption. Historically, governments have been unable to resist the temptation to increase the money supply under each ruling political party. This is especially true if the money is used for military purposes. For example, the Roman Empire used gold coins to run its military machine. Like Bitcoin, gold is scarce and a good store of value. But even so, the Romans managed to reduce the amount of gold in their coins so that their war machine could keep going a little longer. As a result, the value and purchasing power of Roman gold coins collapsed over the decades. The same will happen to euros, dollars, and other monopoly currencies. This is impossible for Bitcoin. In this sense, Bitcoin promotes peace and stability, as we can rely on its unchanging “monetary policy” rules.

Just as current monetary policy is unpredictably yielding to political pressure, so too can the pillars of European democracy crumble under the same pressure. That is why it is important that we have tools to support democratic values, especially at a time when cash is disappearing and control of digital money is becoming more widespread. In this sense, Bitcoin acts as a structural counterweight to the abuse of state power: its predetermined money supply and decentralised nature limit inflation, control, and coercion. This is reminiscent of the “Red Queen” equilibrium described in Acemoglu and Robinson’s book The Narrow Corridor, in which the tension between the state and its citizens prevents either from gaining too much power.

Indeed, the European Central Bank will soon launch its own cash equivalent called the “digital euro” central bank money, and the few who have raised their fingers are branded as tin foil hat conspiracy theorists. The digital euro may facilitate the power of centralised institutions, as it is money put into circulation by the central bank, rather than a decentralized monetary network where the key holder is in control.

Ultimately, all digital payment methods, whether “digital euro” or Bitcoin, can in principle be subject to control and management. Existing European legislation already requires operators to identify who owns bitcoin and where they are moving from moment to moment. The decisive factor is not only who or what creates money, but also what kind of legal protections and institutional checks and balances prevent the abuse of power.

From this perspective, the question can be divided into two parts. Either the technology has built-in features that institutions cannot easily access, as is the case with Monero, which has been declared illegal under the law, or the technology itself is more neutral, but a legal framework is built on top of it, as is the case with Bitcoin. This is largely a question of property rights and legislation, not just money.

We are involved in a game where we build laws and structures designed to prevent the abuse of power. Trust is created by these structures, not by a single form of money. However, with major crises, massive money printing, and the resulting problems, the role of states is constantly growing. This often means less privacy, more censorship, and social consequences that extend to families and personal behaviour patterns. In this environment, Bitcoin appears to many not only as an economic alternative but also as a means of defending personal freedom. That is what inner peace is all about.

In summary, Bitcoin is linked to positive and negative peace in many ways. First, peacebuilders can receive donations in Bitcoin to defend human rights in unstable environments where economic censorship is expected. Uncensored donations around the world are a great help. In theory, states themselves can now better protect themselves under economic censorship. Bitcoin is for ordinary people as well as for nation-states. Secondly, Bitcoin does not bow to political pressure, so more bitcoin cannot be magically created out of thin air to serve the war campaigns of violent regimes. Bitcoin provides inner peace and mental balance, knowing that money will not lose its value and cannot be censored. Not anymore.