Topic: Another reason for Bitcoin price high (Read 386 times)
If all the peoples of the world could invest in BTC, the price of BTC would be higher and higher. BTC belongs to the whole world.
One of the reasons for bitcoin increase is the people who invested in cryptocurrency and the demands of the product can affect the price will get high.
This is one of the reason for btc price to go high the users itself who invest and believe in bitcoin. Yes usually demand once it increase price will increase as well.
maybe one of the reason for a bitcoin high price is the season we all have seen that bitcoin flew at a high price during at the holiday season or incoming christmas day because the people were rich during at that time and before the start of the last quarter of the year people are investing into cryptocurrency which make bitcoin rise at the last quarter of the year
Bitcoin price going up has always being dependent on the ratio of demand to supply. The price is going up now because a lot of people have stopped panic selling and people are actually buying into the market which is increasing demand which in turn increases the prices. I guess there are other factors that could make the price go up but this is the major factor.
It's a fact that the price of Bitcoin going up or down hinges on demand and supply, but they just do not increase or decrease for the sake of it, rather developments in the fundamental factors brings about these changes. The assertion here by the cleric is indeed a milestone for Bitcoin, because it signifies an endorsement for Bitcoin to the about 1.6 billion Muslim community across the globe, a number of which might have been undecided until now
why btc price will come low???btc future price will go to high bcz btc has low supply.in 2020 btc peice will reach to 50k or more.
many company will hold btc as an asset for long term.
many company will hold btc as an asset for long term.
One of the reasons for bitcoin increase is the people who invested in cryptocurrency and the demands of the product can affect the price will get high.
Actually, i do not find a good reason to keep the price low, because it needs to go up as soon as possible so more people are going to start trusting it even more. But i dont know why there are some people that are always trying to spread as much fud as possible
The demand-to-supply ratio affects Bitcoin's market price, many people who stop panic sales have an effect on rising Bitcoin prices, and this is due to the growing market demand. I think this is one of the factors driving price increases.
I think so, but now we cannot say surely if the bitcoin price are continuing to increases. But I hoping that the decreases of price will stop and will started to growth until will recover. For now the only thing that we need to do is wait and keep patience.
The demand-to-supply ratio affects Bitcoin's market price, many people who stop panic sales have an effect on rising Bitcoin prices, and this is due to the growing market demand. I think this is one of the factors driving price increases.
Bitcoin prices are very volatile and have a high enough fluctuation to generate high profits also per day must have been much use of Bitcoin growing rapidly and certainly also encourage the stability of bitcoin prices 
There is always a reson's that bitcoin price high. We cannot tends when will it will be soaring high once demands is present it may surges up. Good news come out and it is the reason's most awaited for the bitcoin price to hogh. The reason why bitcoin is getting high especially the value or price demand in the market in which the process of the bitcoin is getting unpredictable of high.
Another reason for Bitcoin price high - Market is growing:
Indeed, one undeniable fact is that the pre-coding market is growing and investors are beginning to gain a better understanding of the market. Rob Viglione, co-founder of ZenCash, told Forbes:
"High in the past 50 days is a sign that people are gradually entering the market. Increasing global regulation overshadowed the price of coin fluctuations in the previous quarter, but space remained relatively stable over the past few weeks. People are beginning to gain a deeper understanding of the long-term potential of blockchain technology. It also helps big investors become more optimistic ... and at the same time reinforces the confidence of retail investors. "
Of course, any market has its ups and downs, coding is no exception. However, the clear rules, the large number of investors and the deep understanding of the market are positive signs of a new wave of growth in the near future. Are you ready to receive positive news in the near future?
Indeed, one undeniable fact is that the pre-coding market is growing and investors are beginning to gain a better understanding of the market. Rob Viglione, co-founder of ZenCash, told Forbes:
"High in the past 50 days is a sign that people are gradually entering the market. Increasing global regulation overshadowed the price of coin fluctuations in the previous quarter, but space remained relatively stable over the past few weeks. People are beginning to gain a deeper understanding of the long-term potential of blockchain technology. It also helps big investors become more optimistic ... and at the same time reinforces the confidence of retail investors. "
Of course, any market has its ups and downs, coding is no exception. However, the clear rules, the large number of investors and the deep understanding of the market are positive signs of a new wave of growth in the near future. Are you ready to receive positive news in the near future?
maybe yes...some good news or good event regarding bitcoin can affect bitcoin price. but for my own perception bitcoin price depend on the demand. if lot of people make fud about bitcoin it can cause panic selling ang it will affect the price to rop down. but if more ivestor then more supply and the demand will also getting high and the price will rise also.
This may influence the price of bitcoin just for a moment. Bitcoin was meant to be a decentralized financial system that was not suppose to be influence by religion, culture, race or government of any country. I am looking forward to that time, It is our duty as members of cryptocommunity to stand our ground no matter what any body is saying for or against bitcoin. Bitcoin is not suppose to go high due to the vindication of any religious group.
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.
I think that is not the totally reason why bitcoin price is high because there are so many people that are working here and not only a muslim. I think the main reason is because of the market.
The reason of the bitcoin why is the price high,it is due to demands of the market and competitors.
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.
I think that is not the totally reason why bitcoin price is high because there are so many people that are working here and not only a muslim. I think the main reason is because of the market.
I agree that it is difficult to explain to other people about cryptocurrency, my friends "do" big eyes.It does not matter whether they are Muslims or Christians.
Muslim people are usually much more conservative then the usuall people so I don't think that this declaration is the reason for the reason uptrends.
Also the Muslim guys never had any regulations on bitcoin so they were free to do whatever they want with their money related to bitcoins.
I think that the recent uptrends came with no reason, just a hype return after weeks with nothing that was really happening.
Also the Muslim guys never had any regulations on bitcoin so they were free to do whatever they want with their money related to bitcoins.
I think that the recent uptrends came with no reason, just a hype return after weeks with nothing that was really happening.
some things that cause high bitcoin values, one of which is that many investors shift from other forms of investment and enter bitcoin investments. I think it is one factor that causes bitcoin prices to increase and there is no denying that the bitcoin decentralization system is a bitcoin-added value and the level of confidence in bitcoin for now is very high and I think it is some of the factors that cause many investors switch from another form of investment and join bitcoin.
Bitcoin depends on the price increase depending on the demand all the time. Another reason is that people have stopped selling panic. People can buy it easily in the market. Which influences the price increase. This is one of the main reasons that many Muslims are buying bitcoin because it is halal.
Sirya war has impact of cryptocurrency price as well as valuable commodities like gold, oil, its price is hike for that. another reason is that the many countries accept bitcoin.
What do you think is happening with the product, the price of which is growing rapidly, and which can be quickly resold at a higher price? That's right, more and more people want to buy it, then sell more.
That is, the true value of the goods here does not matter. It all depends solely on how many new people are ready to buy, in order to later resell more. Such a rise in prices is called a financial soap bubble.
Financial bubbles arose always, and at all times. As early as 1636 there was a so-called "tulipanomania" or "tulip fever". There, prices for bulbs of tulips grew even faster than today's bitcoins.
And also simply because a lot of people wanted to buy them not in order to benefit from their purchase (to grow for their enjoyment or to eat), but for the fact that the next day to resell more.
That is, the true value of the goods here does not matter. It all depends solely on how many new people are ready to buy, in order to later resell more. Such a rise in prices is called a financial soap bubble.
Financial bubbles arose always, and at all times. As early as 1636 there was a so-called "tulipanomania" or "tulip fever". There, prices for bulbs of tulips grew even faster than today's bitcoins.
And also simply because a lot of people wanted to buy them not in order to benefit from their purchase (to grow for their enjoyment or to eat), but for the fact that the next day to resell more.
Aside from the looming prospect of regulation, a series of high-profile thefts have also had a hand in the sudden rapid dips in value bitcoin and its rivals have experienced - the most recent of which was a failed raid on the Binance cryptocurrency exchange.
The volatile cryptocurrency’s price has shifted wildly ever since mid-December - when it hit a record high of more than $19,850 (£14,214) - with frequent heavy drops and speedy recoveries. Its price plummet back to earth in January and February, as governments and central banks around the world raised the spectre of future regulation.
i think i denied that, it can be haram if we thingking is a gamble
many muslim calling investment are haram because it profit it can reach 90% and thats riba by using benifit from people who need it
and when thingking about investment i think they don't have a neg issues, and if is win a win chance i think is still good after all
many muslim calling investment are haram because it profit it can reach 90% and thats riba by using benifit from people who need it
and when thingking about investment i think they don't have a neg issues, and if is win a win chance i think is still good after all
People are confusing the religion with the currency,the islam says lending the money is prohibited but we are not lending or getting any interest from bitcoin unless we lend them,the value of bitcoin itself increases in the short time so we can't consider this as a interest from our investment.But still people are saying it is haram to use bitcoin such an stupidity some of my friends were not agreeing this bitcoin can be used by muslims too,the time will tell them and this might be an answer to their stupidity.
let people say what, there are still a lot of people who say that bitcoin is haram, but it is up to them to say what, many Muslims say it like that, maybe they do not know about bitcoin, here we use capital and for we getresults or profits from trading or investment results, so I consider it all kosher.
Recently there have been no FUDs, no news of bans and I think the panic sellers have finally ran out of coins to sell so now people are actually buying into the market with a bit more confidence than before.
I always thought this was April Fool's Day news. But Bitcoin fell from 19,000 to 6,000, and now it has risen to 8,000. Overall, I think it is in a relatively low position. However, if you are a Bitcoin supporter, you don't have to be too serious about the news. Bitcoin's value comes from consensus, not from a specific group of people.
I have always been saying that after a large surge up (19k) there must be a dip (6k) and then a rise (now) and possibly more dips. There is no reason to look for other explanations behind it.On the other hand, the news from the OP is a great prognostic long term, as it basically states that there will possibly be 23% more people who will eventually adopt bitcoin.
People are confusing the religion with the currency,the islam says lending the money is prohibited but we are not lending or getting any interest from bitcoin unless we lend them,the value of bitcoin itself increases in the short time so we can't consider this as a interest from our investment.But still people are saying it is haram to use bitcoin such an stupidity some of my friends were not agreeing this bitcoin can be used by muslims too,the time will tell them and this might be an answer to their stupidity.
I had to agree that one of the factor involving any rise in cryptocurrency is the good news that involves crypto market.
Not only the good news but new useful options of how to use cryptocurrency in our life. New researches and developments, some kind of progress, new fresh ideas and start-ups. All of this is boosted by cryptocurrencies and Bitcoin is one of the main catalysator.
Bitcoin prices are very volatile and have a high enough fluctuation to generate high profits also per day must have been much use of Bitcoin growing rapidly and certainly also encourage the stability of bitcoin prices
There is always a reson's that bitcoin price high. We cannot tends when will it will be soaring high once demands is present it may surges up. Good news come out and it is the reason's most awaited for the bitcoin price to hogh. I had to agree that one of the factor involving any rise in cryptocurrency is the good news that involves crypto market. In my understanding,
due to many people investing bitcoin that creates a greater demand on bitcoin and alts could lead to the price increase just like the law of supply and demand in economics.
Bitcoin prices are very volatile and have a high enough fluctuation to generate high profits also per day must have been much use of Bitcoin growing rapidly and certainly also encourage the stability of bitcoin prices
There is always a reson's that bitcoin price high. We cannot tends when will it will be soaring high once demands is present it may surges up. Good news come out and it is the reason's most awaited for the bitcoin price to hogh.
I always thought this was April Fool's Day news. But Bitcoin fell from 19,000 to 6,000, and now it has risen to 8,000. Overall, I think it is in a relatively low position. However, if you are a Bitcoin supporter, you don't have to be too serious about the news. Bitcoin's value comes from consensus, not from a specific group of people.
people aren't just sitting around for someone to tell them whether to buy bitcoin or not then rush to buy it if they were allowed!
those who wanted to buy bitcoin have already been doing it regardless of this news. and it was so easy to seek advice from religion experts and ask them whether bitcoin is "halal" or not and as i said those who wanted to invest have already been doing it and will continue to do so.
with that said i don't see any relationship between this news and the rise, it may lead to further rises down the road but not immediately.
those who wanted to buy bitcoin have already been doing it regardless of this news. and it was so easy to seek advice from religion experts and ask them whether bitcoin is "halal" or not and as i said those who wanted to invest have already been doing it and will continue to do so.
with that said i don't see any relationship between this news and the rise, it may lead to further rises down the road but not immediately.
Bitcoin prices are very volatile and have a high enough fluctuation to generate high profits also per day must have been much use of Bitcoin growing rapidly and certainly also encourage the stability of bitcoin prices
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.
Some predictions say that the Bitcoin movement will not stop at $ 10,000, because next year will be many Institutional Investors who will enter the market Bitcoin with a giant fund.Some predictions say that the Bitcoin movement will not stop at $ 10,000, because next year will be many Institutional Investors who will enter the market Bitcoin with a giant fund.
This is surely one of the reasons why there is a surge in price but not the only reason because Muslims are already involved as the interpretation to them is bitcoin is same as money as money in itself is not sin or unislamic but what is being used for. So also is bitcoin, for someone who trade in bitcoin made money then convert to fiat which is then used to go to Hajj or help the poor. I don't think such individual needs anybody to tell him what he is doing is bad or good.
Bitcoin price going up has always being dependent on the ratio of demand to supply. The price is going up now because a lot of people have stopped panic selling and people are actually buying into the market which is increasing demand which in turn increases the prices. I guess there are other factors that could make the price go up but this is the major factor.
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.
I don't see any difference in banks charging interest over fiat loans, and banks charging interest over Bitcoin loans. Fiat and Bitcoin are both tools used or abused by whatever market participant. In that regard, I don't really understand what you are trying to aim at. To add even more, I think it's safe to say that the banking system per definition isn't any better or worse than how people currently deal with exchanges and online wallet services. It's all the same; people are subject to the same level of centralization, but they for whatever reason don't consider it to be the same. At a later point in the future, financial institutions will probably try to acquire as much of the centralized crypto ecosystem as possible, so the cycle is repeating itself. Centralization, regardless of its shape or form, will always remain centralization.
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?
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?
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: