The ascent of a cryptocurrency initially conceived as a jest points to a possible excessive zeal among investors to put their money into any digital coin that emerges, irrespective of its true value or merit. This is often a hallmark of an unstable market bubble. Remarkably, Forbes notes that while there are 180 paper currencies officially acknowledged by the United Nations, the tally of cryptocurrencies exceeds 1,000, and this figure is continually rising.
According to Forbes, Jesus Coin adheres entirely to the ERC20 ethereum token standard. As of its initial coin offering (ICO), one ether token equates to 12 Jesus Coins (JC), with a cap set at 13 million JCs. The ICO commenced on September 12 and is slated to conclude on December 25, another playful nod. Trading will kick off two days later, on December 27. The debate remains whether Christians would see eye to eye with the founders on the notion that “Jesus would be thrilled to have his own coin.”
Expressed in the company’s own terms, the advantages of Jesus Coin include:
Sin Forgiving – Negotiations with churches for the outsourcing of sin forgiveness. Transaction Speeds – Record-setting transaction speeds between you and God’s son. Predicted to Achieve $50bn Market Cap – As prophesized by Peter (no, not the disciple).
The website delineates that Jesus Coin’s investment perks allegedly comprise sin absolution via outsourcing, “unprecedented transaction speeds between you and the divine,” and a projected valuation of about $50 billion. On the website, Jesus Christ is humorously listed as the founder and CEO, with Judas Iscariot and Saint Peter being assigned as trustee and public relations officer, respectively. Despite the currency’s site adopting an amusing tone, individuals remain enticed to acquire coins.
Originally devised as a parody by a coalition of friends, the coin’s ICO unexpectedly sparked genuine interest among investors wanting to accumulate tokens. The coin’s homepage claims, “Jesus Coin has been crafted as the currency of God’s Son. Unlike cryptocurrencies devoid of morality, Jesus Coin uniquely offers worldwide access to Jesus that’s safer and faster than ever before.” Such assertions about the currency seem to be written in jest, yet monetary investments have still ensued.
With the surge of nascent cryptocurrencies inundating the market, it was eventually expected that someone would push the trend to its limits. However, a twist of mild irreverence accompanying this extreme was perhaps less anticipated. As Forbes reveals, a new cryptocurrency dubbed “Jesus Coin” has emerged and is capturing significant investor interest and attention. Ironically, it seems the cryptocurrency was initially launched as a spoof or jest. The success of an unconventional cryptocurrency like Jesus Coin prompts the question: Is this the most recent and conclusive indication of the entire industry being an imminent bubble on the verge of bursting?
