Another reason for Bitcoin price high

[ahmedbrown]

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.

[blue_nexus15]

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.

[Thirdspace]

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---

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!

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

[XinXan]

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[–]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.

[ladydark]

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.

[supelle.born]

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.

[Krispin47]

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.

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.

[gomes1]

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.

[buburjelly]

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.

[ahmadakbari]

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?

[1Referee]

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.

[Paecga129]

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.

[chillitabit]

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.

maybe. But i don't think bitcoin needs too many good news in order to grow to at least 100 000 usd. It's such an innovative technology that when people start recognizing that more, the price has to grow

[Bugcoin5]

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.

Another factor that has helped push Bitcoin prices higher is the community's decision to implement Segregated Witness (SegWit), an upgrade that increased transaction capacity.

[olubams]

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.

[KorakPawon]

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.

[Goodday]

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

[Herbert2020]

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.

[Roaid]

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.

[francedeni]

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.