Bitcoin, China, and the Evolution of Human Consciousness
In the 8th episode of VALR Unfiltered: Money, Meaning & Society, host Ben Caselin engages Dr. David Palmer, Professor of Anthropology at Hong Kong University, in a profound dialogue on money, civilization, and the spiritual dimensions of progress. A specialist in Chinese cultural transformations, Palmer draws on his ethnographic research across Belt and Road nations and his expertise in spiritual traditions to explore Bitcoin’s role in reshaping human consciousness.
Reflecting on a prior talk Ben gave at HKU, Palmer considers Bitcoin’s fixed supply as a counter to inflationary fiat systems, potentially fostering peace by limiting reckless spending tied to conflict. He frames money’s historical impact through the Axial Age (circa 500 BCE), when coinage emerged alongside transformative philosophies like Confucianism, Buddhism, and Socratic thought. Referencing David Graeber’s Debt: The First 5,000 Years, Palmer explains how money anonymized relationships, enabling vast, impersonal networks but also fueling greed. This paradox birthed spiritual traditions urging transcendence of the ego, suggesting Bitcoin’s decentralized, finite nature could similarly spark a new consciousness, though its full implications remain speculative. Palmer sees Bitcoin as a tool in an ongoing experiment to redefine value in a volatile world.
Turning to China, Palmer introduces Datong—great unity—a Confucian ideal of harmony and prosperity, reimagined in the 19th century as a forward-looking vision blending advanced technology with social welfare. Despite China’s significant Bitcoin holdings from early mining and seizures, its policies prioritize monetary control, reflecting a tension between Datong’s global harmony and a Sinocentric perspective. Palmer contrasts this with Western skepticism toward China, rooted in a crusader mentality that frames the world as good versus evil. This mindset, he argues, struggles to accept China’s non-interventionist stance in a multipolar world, fueling negative media narratives absent in many Global South nations he’s studied, like South Africa and Turkey.
Amid global turmoil, Palmer views volatility—mirrored in markets and geopolitics—as a breakdown of outdated systems, creating opportunities for new human connections. Bitcoin, he suggests, is part of this experimentation, but true progress hinges on spiritual detachment and virtues like compassion and justice. He envisions a higher consciousness of human unity, akin to a diverse garden, as humanity navigates crises.
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