"Bitcoin is Islamic" -by Economist Bruce Fenton

[Outhue]

Riba can be committed through any form of a valuable object or assets, either money, gold, diamond, etc, Riba has nothing to do with money and assets directly but it has everything to do with the asset owner.  

Moreover who told you that Bitcoin is Islamic? Now you are making me wondering what would have happened if Satoshi Nakamoto is a Muslim or the name of Bitcoin founder has a Muslim name.

Guys imagine what this would have caused, maybe we will be calling Bitcoin the Muslim coin? Anyway, Muslims have the money, I believe they are the wealthiest but it's impossible to buy all bitcoin because of the circulating supply of the asset. Too late to have 50% of the entire max supply lol.

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[coupable]

I can't find explanations why some people go into strange contexts in their descriptions. I come from an Islamic religious background, and many exaggerators in religion find pleasure in attaching everything to Islam.
Bitcoin has all the characteristics of money and can be used in the same way. Islamic countries do not need a religious text or a jurisprudential interpretation to choose the trading tool, and they may not even need bitcoin in relation to their internal financial strategy. Petrodollar revenues make them relatively safe and avoid them thinking about alternative solutions.

[ajiz138]

I don't really want to make an argument about whether this is Islamic or not because in this case, for me personally, religion is clearly not a debatable area in any case, and I don't really like bitcoin associating with any religion.
On the other hand, there are currently a lot of claims like this which actually have only one goal to raise bitcoin back up with some news that really seems to make this something good.
There's nothing wrong with that and I like it, but right now we can't force it completely as if something like this really happened, moreover, this is just one of the many opinions that exist. There hasn't even been any statement regarding the country mentioned by the economist.

[piebeyb]

We need people who understand this field, not in this forum either, if they think bitcoin is Islamic, there should be Islamic religious leaders who research it, at least religious leaders who are also familiar with current technology are not only based on Islamic law but must be seen from the technological aspect.

sometimes there are many different opinions from religious leaders because maybe there are some religious leaders who don't understand this technology and only explain about the law, now this must be put together in order to get a really clear law, if I'm neutral as long as it's my money and don't use money other people to invest so yeah it's safe 

[arabspaceship123]

"Bitcoin is Islamic "
-Says Economist Bruce Fenton

If Bruce Fenton's a Muslim judge who's permitted to oversee Sharia I'd like to hear him. If he isn't Muslim what's his credentials? If Bruce's quoting others it's satisfactory but if he's making it up with tweets he shouldn't be taken earnestly.

I have asked this question to chatGPT and he told me:

It is not for me to say whether or not Bitcoin is Islamic. Different scholars may have different opinions on the matter. In general, though, Islamic financial law has certain principles and guidelines that must be followed, such as the prohibition of riba (usury or interest). It is up to individual Muslims and Islamic scholars to determine whether or not Bitcoin is compliant with these principles and guidelines.

I guess like this big artificial brains over here said, only muslims can decide if bitcoin is islamic.

If the majority of the muslims say, bitcoin is islamic, then bitcoin would become islamic.

Right now I don't think that's the case but in the future, who knows?

Majority of the Muslims opinions isn't making it حلال Halal or حرام Haram. Scholars issue a religious decree it's a فتاوى fatwa in شريعة Sharia. In Islam it's only Muslim scholars who've backgrounds from educated respected teachers & institutes permissible to comment on what's allowed & what isn't. If it's implement faithfully it's the law according to Sharia.

Sharia decrees aren't straight there's a political play backdrop because corruption's played it's hand. A fatwa isn't static every time it's issued. Some are invariably divergent according to areas. Fatwas aren't about religion today they're about politics for domestic consuming. In the same country religious leaders from different cities have disagreed there isn't unity each time.

[BitDane]

We need people who understand this field, not in this forum either, if they think bitcoin is Islamic, there should be Islamic religious leaders who research it, at least religious leaders who are also familiar with current technology are not only based on Islamic law but must be seen from the technological aspect.

Technology and theology are two separate entity.  Influencing one with the other will greatly affect its impact to the society.  I believe the person who stated that Bitcoin is Islamic wanted to tap the Muslim people into diving on the Bitcoin properties more.  The guy wanted to get the interest of Muslim government in a positive way.  Nevertheless, any propaganda Economist Bruce Fenton in mind is probably aligned to boost the adoption of Bitcoin in Muslim countries.

sometimes there are many different opinions from religious leaders because maybe there are some religious leaders who don't understand this technology and only explain about the law, now this must be put together in order to get a really clear law, if I'm neutral as long as it's my money and don't use money other people to invest so yeah it's safe 

The problem with religious leader is that they felt that they are entitled to everything especially the right to dictate what their followers have to do.  Most of them are stucked in their religious articles and often disregard technologies and breakthroughs, even announcing the technology advancement as way of the devils without understanding the real usage and function of that technology. 

[KennyR]

I can't find explanations why some people go into strange contexts in their descriptions. I come from an Islamic religious background, and many exaggerators in religion find pleasure in attaching everything to Islam.
Bitcoin has all the characteristics of money and can be used in the same way. Islamic countries do not need a religious text or a jurisprudential interpretation to choose the trading tool, and they may not even need bitcoin in relation to their internal financial strategy. Petrodollar revenues make them relatively safe and avoid them thinking about alternative solutions.

That's true, whenever something different or unique availed in the market. The same gets attached with the islamic religion without any reason. If we go through Christianity or some other religion, we'll get to know about similar context that can relate it. As mentioned petrodollar revenue keeps them rich and this too a reason for the gulf nations to stand with bitcoin usage. Maybe that's the reason why most of the speculators connect bitcoin with Islam.

[piebeyb]

We need people who understand this field, not in this forum either, if they think bitcoin is Islamic, there should be Islamic religious leaders who research it, at least religious leaders who are also familiar with current technology are not only based on Islamic law but must be seen from the technological aspect.

Technology and theology are two separate entity.  Influencing one with the other will greatly affect its impact to the society.  I believe the person who stated that Bitcoin is Islamic wanted to tap the Muslim people into diving on the Bitcoin properties more.  The guy wanted to get the interest of Muslim government in a positive way.  Nevertheless, any propaganda Economist Bruce Fenton in mind is probably aligned to boost the adoption of Bitcoin in Muslim countries.

sometimes there are many different opinions from religious leaders because maybe there are some religious leaders who don't understand this technology and only explain about the law, now this must be put together in order to get a really clear law, if I'm neutral as long as it's my money and don't use money other people to invest so yeah it's safe 

The problem with religious leader is that they felt that they are entitled to everything especially the right to dictate what their followers have to do.  Most of them are stucked in their religious articles and often disregard technologies and breakthroughs, even announcing the technology advancement as way of the devils without understanding the real usage and function of that technology. 

Yes, that's why we need people who don't only look at it from a religious perspective, because in every era it's always different and sometimes the technology that develops must be adapted to the needs, for example, people who understand religion say that technology is prohibited in Islam, but they need communication technology. a kind of cellphone to stay connected with family and others, what is meant by law is not only seen from religious law but must be seen from another side, for example bitcoin is used as an asset for investment like gold, I feel bitcoin is Islamic

[avikz]

"Bitcoin is Islamic "
-Says Economist Bruce Fenton

That's very true! Bitcoin can be easily adopted by the islamic countries. Bitcoin doesn't provide interest on bitcoin, it appreciates in value! Which means, new bitcoin doesn't get added to your holding as interest payment every quarter. So it's not haram in any way!

Also the anger of Islamic world against the western countries is justified. So if they become more interested in adopting bitcoin and any other alternative currency system, that will not be a surprise!

[Artemis3]

How can this Bruce Fenton guy read the minds of the rulers of the richest "oil monarchies" in the world?
Does he have some insider information? Did he talk with the King of Saudi Arabia or the Emir of Qatar?
What's the point for some of the richest countries in the world to adopt Bitcoin/crypto? These countries aren't undeveloped and poor like El Salvador or the Central African Republic. They can have as many USD/Euro/British pounds as they want, because they have oil.
This seems like another mindless bullish speculation, which isn't backed by any facts and logic. It's just wishful thinking and fantasies.

Having oil is not good enough, you can have oil and become poor, like a certain mismanaged Caribbean country... Being smart about it is what counts. Bitcoin is great and if they understand this, they will use it. A rich country can adopt it the same as a poor one, good for them if they do.

What is the point of having as much fiat as you want when there is an infinite amount of them? Not bitcoins, those are finite.

[akuntester1]

No, he is wrong. Bitcoin is not Islamic. Bitcoin does not have a physical materialize that can be used as collateral, which is clearly inverse to one of the requirements for currency in Islam. The physical form is very important as a guarantee for the owner, even if it's just a little wood piece.

While who really cares about religion when it comes to money, when you made billions you will be accepted no matter what religion you belong so as a commoner we need to realise the religions are created by us to progress humans not to keep them under control.

Religion has rules for all of life, including currency, so religion must be involved. Read your holy book.

When things get entangled with religion or politics, it become messy. 

Give me some examples (with religion).

I hope to separate financial system with religion and politics.  Let Bitcoin be Bitcoin and do its natural function.  It was created not because of any religion but because it wanted to solve financial problem specifically transaction when dealing with financial institution. As far as I know, it wasn't created because of any religious principle.

No, you are wrong. In fact, it's religion that teaches us about the principles of life, including finance.

I also think that his statement "Bitocin is Islamic" is wrong.
He "Bruce Fenton" said "Bitcoin is Islamic" just because he saw investment from the Middle East.
Not that it makes Bitcoin Islamic and accepted by all adherents of the Islamic faith.
There are still many pros and cons regarding Bitcoin, especially in the Islamic religion.
I think what he said was just his opinion, although I think it's not quite right because he is not a person with the capacity to say "Bitcoin is Islamic".
But everyone is free to have an opinion as long as it doesn't hurt.

Despite all the debates that exist about Bitcoin.
Every individual is responsible for themselves towards the religion and god they believe in.

[fennic]

According to me and that knowledge I have I will say that Bitcoin and Crypto is halal but if we use leverage and that is Haram and it is also called betting and betting is prohibited in Islam.
We all know that as Muslims we also use leverage that is haram and that is not good for us. This is the leverage that made many people bankrupt. We should see all aspects wether we are Talking about.
By the way we should not discuss such posts regarding relegion.

[Antonas1]

I also think that his statement "Bitocin is Islamic" is wrong.
He "Bruce Fenton" said "Bitcoin is Islamic" just because he saw investment from the Middle East.
Not that it makes Bitcoin Islamic and accepted by all adherents of the Islamic faith.
There are still many pros and cons regarding Bitcoin, especially in the Islamic religion.
I think what he said was just his opinion, although I think it's not quite right because he is not a person with the capacity to say "Bitcoin is Islamic".
But everyone is free to have an opinion as long as it doesn't hurt.

Despite all the debates that exist about Bitcoin.
Every individual is responsible for themselves towards the religion and god they believe in.

In fact, there are already Islamic research journals that discuss Bitcoin and cryptocurrencies if they want to read it, or they can ask Google. Most people equalize Bitcoin with gold and silver as noticed in Islam without finding out the basics, they only claim opinions and personal thoughts. Sadly, when they meet Islamic law, they will say "don't mix economics with religion."