Faith IQ – Is It Permissible To Invest In Bitcoin & Use Other Cryptocurrencies

			Is it permissible to invest in Bitcoin and use other cryptocurrencies?
		

			Yes, I do. I think it is permissible to invest in Bitcoin, to use it as a digital asset to buy it
simply for the sake of it being at a higher value for it to go up in price and value and then to
sell it at a profit. That's something which is permissible, of course, it could go down as well.
This is not financial advice video, this is a ruling, given the Islamic ruling on it is also
permissible for it to be used as a currency like it originally was. Yes, there is a difference of
opinion on the matter. And there is a lot of criticism against the whole cryptocurrency scene at the
moment and the the kind of hype around as I explained in another video, but the and the fact that
		

			people are trying to use this as a
		

			currency and that anyone can suddenly create their own currency and Is that possible or not? And
isn't these criticisms are founded, we need to respect those scholars that make these codes and we
need to respect the arguments that are being made, but also don't get too carried away by the
criticisms because some of them are coming from people who have vested interest, like the financial
institutions are terrified the banks they are seeing a huge rival to their control that they have
over the world and the financial markets and money as well. currency is permissible to be created
and new. It has happened all throughout history. So we are on point when it was something valuable
		

			that people rated and they use it as a medium of exchange, and they bought it from skins to food and
then to eventually gold and silver itself in its physical form. And then coins are minted to
represent the golden silver and then paper money that was then created to represent the golden
silver money which was based upon the gold and silver. And then, of course in our time he banking
and electronic transfers, which are just numbers that represent the cash money, which presents the
gold coins which represent actual gold. So everything is just the only a evolution and maybe
cryptocurrency is that next level evolution, you are dealing with the area of mohammedans. And in
		

			this area, you need a very clear prohibiting evidence to make the whole field haram that's just not
there. And so in sha Allah, it is permissible for you to invest in it. I'm not a big fan, I have to
say I'm very cautious. I'm not. The hype needs to be allowed to calm down, people need to understand
it a lot more. But it is permissible for a person to invest in these currencies and to use them in
the form of payment as well. There are associated matters that will be dealt with in further videos
but as for a ruling, it is permissible and Allah knows best