#20: Time Preference

Our topic of discussion today for the third episode of Season 3 is the concept of Time Preference. 

This terminology and distinction have become popular among Bitcoiners and those who embrace sound money. However, many individuals who are new to Bitcoin discover that before studying Bitcoin and sound money, their time preference was actually a high time preference shaped by the unbiblical worldview of the current monetary system. By studying, buying, and “hodling” Bitcoin, they find that their time preference shifts from high to low, which begins to change other aspects of their lives. For example, rather than indulging the immediate desires for instant gratification, they find themselves saying “no” to their fleshly desires and pursuing behaviors that demonstrate discipline, self-control, and delayed gratification.

Today, our focus is on whether the concept of “low time preference” is Biblical and, if so, how we as Christians should cultivate it.

Summary

• Time preference is an excellent way to crystallize our orientation towards rewards and incentives.
• Having a “low time preference” is a Biblical behavior both spiritually and physically.
• Our fiat-based inflation and debt-based monetary system push individuals and societies toward the destructiveness of “high time preference” behaviors.
• We must work hard to cultivate self-control, discipline, and the ability to defer instant gratification to counteract the effects of the world and the devil and pursue Christ.
• Living with a low time preference and specifically by saving in Bitcoin allows believers to pursue activities and attitudes in the present that build for a hopeful future for themselves, their families, and the church while we await the return of Christ.

For a list of helpful books, articles, and other podcasts, check out our website: bitcoinandthebible.com

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