Is cryptocurrency Haram in Islam?

[grace91]

@farishta Nobody knows

 

[resjudicata]

@farishta For a lot of questions out there pertaining halal or haram, there will be some scholars that permit something while others that disallow it. Scholars disagree all the time and groups of scholars and fatwa councils are the same. Find a reliable scholar whose values agree with yours or their methodology does and stick with what he said.

I have always liked shaykh yassir qadhi’s nuanced approach to various issues.

 

[resjudicata]

And I meant to look for a scholar or several scholars who you can trust and stick with them, not fatwa shop. If you can travel to see them every time you have a question in person then go ahead and do that but I believe it could potentially put you in the category of musrif so stick to their views available on the internet.

 

[sheviree]

@farishta If you put 'crypto' in the search bar you will find about 100 answers to this question.

 

[isop777]

@farishta Tbh I think it is purely because it’s pretty much gambling. The value of any crypto currency relies on the amount of hype around it. The currency itself doesn’t actually have any real world value, making it gambling for me. And gambling we all know is haram so.. really up to you to decide based on your interpretation.

 

[shellydan8]

@farishta I think if you aren't a Trader its Halal.

 

[onepeter315]

@farishta Yes

 

[onepeter315]

@farishta Dont unless declared halal

 

[caleb_m]

@farishta I think it is haram because it’s alot like gambling. There is no basis for it like the stock market where you actually buy shares in a company and use fundamental analysis to measure its fair value.

 

[carolyn111]

@farishta Buy Bitcoin and hold it long term.

 

[princesst1]

@farishta so basically you are admitting to be complicit in preying gullible people. A company's value comes from increased revenue, accumulation of assets , increase value of those assets. Cryptocurrency has none of these. It is based on the delusion there will be a greater fool than you who will pay you more for this worthless thing in the future.

You can not live your normal life (pay rent, buy groceries, pay utility bills or medical services,etc) with "cryptocurrency". The largest and oldest cryptocurrency is Bitcoin yet it's not a currency, it's an asset. An asset that is fueled by people's naivety and gullibility and ignorance.

Any person with basic common sense can see if BTC with all it's history, power and influence can not become a a viable currency how can some "coin" made up by unknown people succeed where BTC has failed? In order for a cryptocurrency to be successful there has be widespread adoption which is not possible. Sooner or later governments will create their own digital currency and you will look back at your foolishness thinking some coin made up by some random people with a stupid name can replace government currency and become a worldwide currency.