I found a good account of the fallacy of the claim given by a conscientious Christian;
''Disclaimer of bias: I consider myself a Christian who believes that the Bible is divinely inspired. I admit that if these numerical values were encoded into the Bible before they were known to the mathematical community, this would be an impressive piece of evidence for divine inspiration. So I might hope that a claim like this is correct. But it isn't.
The issue here is that the method of encoding presented is entirely and completely arbitrary. At no point does the author justify how he selected various methods of calculation. Consequently, as Dan Romik points out in his answer elsewhere on this page, this method suffers from the research degree of freedom problem.
Consider his method of equating numbers with letters. This method, as pointed out by David K and LangLangC (thanks y'all) is native to the Greek alphabet; however, it was not adopted into the Hebrew alphabet until long after the book of Genesis was written, and would not make sense to apply to the Hebrew text of Genesis 1:1. One could argue that God would know the future, and consequently place the verse in such a way as to be decoded in the future. However, Joe Vasta goes on to make clearly arbitrary decisions in his line of reasoning.
Consider the expression that he uses to create the values similar to pi and e: (number of letters)(product of letters)/(number of words)(product of words) Why did he select this combination of multiplication, division, and summing? No explanation is provided.
Now consider that the resulting numbers only match pi and e if you divide by 10^17 and 10^40, respectively. Why are these values different? On what basis are they the "right" numbers to divide by to get the "right" mathematical constants? No explanation is provided.
Now consider that in the original Greek and Hebrew Bibles, there were no chapters and verses! No Christian that I know of claims that the modern divisions of chapters and verses is divinely inspired. They are simply arbitrary markers for ease of navigation. See Kurt and Barbara Aland, The Text of the New Testament and Ernst Würthwein, The Text of the Old Testament.
With so many arbitrary choices, it is possible to claim to find encoded messages anywhere. For proof of this, take a look at my tongue-in-cheek response to a puzzle on Puzzling.SE. I managed to find a "secret message" within the first few digits of pi itself, with the exact same arbitrary way of thinking.
To conclude, due to the apparently arbitrary operations performed, there is no evidence that finding pi and e in this manner is a remarkable or miraculous occurrence. I suspect (but cannot prove) that this is simply a man with too much time to devote to trial and error mathematical calculations."