Every good news can cause bitcoin price to rise. So this news might be effective on the price. But I disagree that muslims have entered the market after this news. I don't think they were waiting for bitcoin to be declared as halal. There are several financial activities they do.
The 1000 dollar price rise occured in less than one hour. If the price rise was due to muslims, So why it lasted for only one hour? Did Muslims give up to invest in bitcoin after 1 hour?
Topic: Another reason for Bitcoin price high - page 3. (Read 386 times)
According to my understanding as a Muslim, bitcoin is better than banking that takes advantage of borrowing customers, banks always charge interest on every borrower's payment both monthly and yearly. In Islam, the interest is obviously included "riba". While bitcoin, never wear any interest whether borrowers, sellers, or investors. With that, I prefer bitcoin rather than banking whose system is clearly violating economic laws in Islam.
High bitcoin prices are caused because investors in the world are now increasingly believing in cryptocurrency with the development of cryptocurrency technology and the stability of some of the main cryptocurrency prices have contributed to this confidence. Rejection in some countries, including in China, has not succeeded in shedding investor confidence.
For me bitcoin will once again value itself and reach its ATH. It is only a matter of time before this happens and everyone who believes in this revolution will be rewarded.
It might be also a reason for the price rise.Many scholars earlier gave different opinions about bitcoin to be halal or haraam.Actually most of the muslim community people were confused whether to buy bitcoins or not.This ruling may have become a relief for them and so many muslims would have started buying bitcoins with enough confidence.
''
[–]homeze1 - 2 years account age. 200 - 1000 comment karma. 127 puntos hace 2 días
lol I am a Muslim and didn't know it was not halal before. I do not care tbh, it is not pork dough it is a crypto.''
Honestly I don't think it's going to have any impact at all other than people seeing it as good news. Let's be honest, muslims just like any other religious group do not follow their books to an 100% degree. Christians don't stone people or burn witches anymore, muslims were already in bitcoin before it was officially declared as halal.
[–]homeze1 - 2 years account age. 200 - 1000 comment karma. 127 puntos hace 2 días
lol I am a Muslim and didn't know it was not halal before. I do not care tbh, it is not pork dough it is a crypto.''
Honestly I don't think it's going to have any impact at all other than people seeing it as good news. Let's be honest, muslims just like any other religious group do not follow their books to an 100% degree. Christians don't stone people or burn witches anymore, muslims were already in bitcoin before it was officially declared as halal.
A recent declaration by an Islamic scholar that Bitcoin is compliant with Sharia law could be the cause behind today’s $1000 price surge, opening the market to Muslim investors who were previously unsure if the cryptocurrency qualified as money under the strict definitions outlined by scholars.
---snip---
Bitcoin has been a difficult currency to quantify, acting as a commodity and a currency all at once. It does, however, fall under certain definitions of customary money in Sharia law – anything that becomes widely accepted as currency by society or government mandate.
Mufti Muhammad Abu Bakar, a Sharia adviser and compliance officer at Blossom Finance in Jakarta, published a paper on whether Bitcoin is Halal (permitted) or Haram (forbidden) on Tuesday 10 April.
The paper essentially ruled that in certain cases, Bitcoin can indeed be Halal, permitted.
An excerpt read:
...
---snip---
---snip---
Bitcoin has been a difficult currency to quantify, acting as a commodity and a currency all at once. It does, however, fall under certain definitions of customary money in Sharia law – anything that becomes widely accepted as currency by society or government mandate.
Mufti Muhammad Abu Bakar, a Sharia adviser and compliance officer at Blossom Finance in Jakarta, published a paper on whether Bitcoin is Halal (permitted) or Haram (forbidden) on Tuesday 10 April.
The paper essentially ruled that in certain cases, Bitcoin can indeed be Halal, permitted.
An excerpt read:
...
---snip---
the article I can find about it: https://blossomfinance.com/press/is-bitcoin-halal-or-haram-a-shariah-analysis
He is a 'Shariah compliance officer' for a Fintech Business, a declaration of a single Islamic scholar means nothing!
Quote
The research and development of the working paper was led by Mufti Muhammad Abu Bakar - Blossom’s internal Shariah advisor and Shariah compliance officer.
on April 11, 2018, an article 'Islam dan "Virtual Currency"' was published in Pikiran Rakyat Indonesia national newspaper
the writer has similar opinion to the decisions of most clericals in variety islamic countries such as Egypt, Turkey and Saudi Arabia
they all agreed that trading (use and exchange) bitcoin is illegal (Haram) based on Islamic law (Sharia law)
can't find it online, only available in printed form or paid member e-paper
but here's a link I found for the article (unfortunately in Indonesian) https://tandamatabdg.wordpress.com/2018/04/11/islam-dan-virtual-currency/
with image https://tandamatabdg.files.wordpress.com/2018/04/11804111.jpg
War in Syria has erupted and certainly bitcoin and cryptocurrency will be the asset of investors. Such wars will result in strong commodities such as oil, precious metals and bitcoin. Although the cryptocurrency market will grow strongly during the war, I am eager for such wars to end soon so that people in Syria will no longer suffer.
A recent declaration by an Islamic scholar that Bitcoin is compliant with Sharia law could be the cause behind today’s $1000 price surge, opening the market to Muslim investors who were previously unsure if the cryptocurrency qualified as money under the strict definitions outlined by scholars.
Muslims account for 23% of the world’s population, with 1.6 billion Muslims throughout the world, mostly in Asia Pacific nations like India and Indonesia. Sharia Law, or Islamic Canonical Law, prohibits the practice of lending money at high-interest rates, known as usury. Debate has raged since the popularity of Bitcoin in the Islamic Scholar community as to whether Bitcoin trading was a form of usury due to the volatility and huge profit and loss margins.
As the fastest growing religion in the world, Islam has become a central issue for financial authorities of late, with the International Monetary Fund (IMF) holding their first formal discussion about Islamic banking needs last year. In Islam, commodities with an intrinsic value (gold, silver, salt) are considered currency. Fiat money actually stands on thinner ice than commodities when it comes to being considered Islamic money – digital or paper money is usually only permitted if it is backed by a commodity of intrinsic value and at a fixed exchange rate. The gold standard allows for gold-backed currencies to be Sharia compliant, for example.
Bitcoin has been a difficult currency to quantify, acting as a commodity and a currency all at once. It does, however, fall under certain definitions of customary money in Sharia law – anything that becomes widely accepted as currency by society or government mandate.
Mufti Muhammad Abu Bakar, a Sharia adviser and compliance officer at Blossom Finance in Jakarta, published a paper on whether Bitcoin is Halal (permitted) or Haram (forbidden) on Tuesday 10 April.
The paper essentially ruled that in certain cases, Bitcoin can indeed be Halal, permitted.
An excerpt read:
“In Germany, Bitcoin is recognized as a legal currency and therefore qualifies as Islamic money in Germany. In countries such as the US, Bitcoin lacks official legal monetary status but is accepted for payment at a variety of merchants, and therefore qualifies as Islamic customary money.”
Sharia has strong ideas about the preservation of wealth, something that has led ICOs and the volatile crypto-trading market to be viewed in a negative light. Bitcoin and blockchain technology, however, actually align well with Sharia ideology. Fractional reserve banking where ownership of the money involved is considered usury, which is forbidden. Because blockchain undeniably proves ownership, it is actually more compliant with Sharia than banking, and this was all included in the paper published by Mufti Muhammad Abu Bakar. The ruling comes only one day after a major Islamic scholar conference concerning cryptocurrencies, demonstrating that this has become a pressing issue among the Muslim population.
As Muslims account for almost 1 in 4 people in the world, the ruling could open up the market to many investors who were previously avoiding it for religious reasons, something that we may well already be seeing with the recent surge in Bitcoin value.
Muslims account for 23% of the world’s population, with 1.6 billion Muslims throughout the world, mostly in Asia Pacific nations like India and Indonesia. Sharia Law, or Islamic Canonical Law, prohibits the practice of lending money at high-interest rates, known as usury. Debate has raged since the popularity of Bitcoin in the Islamic Scholar community as to whether Bitcoin trading was a form of usury due to the volatility and huge profit and loss margins.
As the fastest growing religion in the world, Islam has become a central issue for financial authorities of late, with the International Monetary Fund (IMF) holding their first formal discussion about Islamic banking needs last year. In Islam, commodities with an intrinsic value (gold, silver, salt) are considered currency. Fiat money actually stands on thinner ice than commodities when it comes to being considered Islamic money – digital or paper money is usually only permitted if it is backed by a commodity of intrinsic value and at a fixed exchange rate. The gold standard allows for gold-backed currencies to be Sharia compliant, for example.
Bitcoin has been a difficult currency to quantify, acting as a commodity and a currency all at once. It does, however, fall under certain definitions of customary money in Sharia law – anything that becomes widely accepted as currency by society or government mandate.
Mufti Muhammad Abu Bakar, a Sharia adviser and compliance officer at Blossom Finance in Jakarta, published a paper on whether Bitcoin is Halal (permitted) or Haram (forbidden) on Tuesday 10 April.
The paper essentially ruled that in certain cases, Bitcoin can indeed be Halal, permitted.
An excerpt read:
“In Germany, Bitcoin is recognized as a legal currency and therefore qualifies as Islamic money in Germany. In countries such as the US, Bitcoin lacks official legal monetary status but is accepted for payment at a variety of merchants, and therefore qualifies as Islamic customary money.”
Sharia has strong ideas about the preservation of wealth, something that has led ICOs and the volatile crypto-trading market to be viewed in a negative light. Bitcoin and blockchain technology, however, actually align well with Sharia ideology. Fractional reserve banking where ownership of the money involved is considered usury, which is forbidden. Because blockchain undeniably proves ownership, it is actually more compliant with Sharia than banking, and this was all included in the paper published by Mufti Muhammad Abu Bakar. The ruling comes only one day after a major Islamic scholar conference concerning cryptocurrencies, demonstrating that this has become a pressing issue among the Muslim population.
As Muslims account for almost 1 in 4 people in the world, the ruling could open up the market to many investors who were previously avoiding it for religious reasons, something that we may well already be seeing with the recent surge in Bitcoin value.
Jump to: