Is It Permissible To Invest In Bitcoin & Use Other Cryptocurrencies
Date:
Channel: Faith IQ
File Size: 1.83MB
Episode Notes
Cryptocurrencies have become a real hit in these past few months. Are they permissible to invest in? What must we look into about cryptocurrencies to determine if it is halal or haraam?
Shaykh Abu Eesa answers.
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AI Generated Summary ©
The speaker discusses the rule that cryptocurrencies are buzzwords and that it is verifiable to invest in them. They also mention the history of cryptocurrencies being used as mediums of exchange and how they are not restricted to financial institutions. The speaker warns of the potential consequences of these rules on the cryptocurrency market and cautions against being too cautious.AI Generated Transcript ©
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