Questions

Is investing in Bitcoin and similar wallets Islamically Halal (allowed) or prohibited? Same question on stocks too. Thank you! Sara

2answers

I'm Joe Bradford, a scholar of Islamic finance and an advisor. Bitcoin and other cryptocurrencies are permissible to purchase as long as they meet a few basic stipulations: the use case that they were created for is permissible, they act as a store of value, and they are a medium of exchange.
While most cryptocurrencies will fulfill the last two stipulations there are some like meme coins etc that don't have actual use cases and no real utility other than being used for manipulation and pump and dumps. Those coins should be avoided outright.
for more information on the topic you can check out my website where I have several articles and videos about the topic or schedule a call with me to discuss any intricacies about a coin you are looking to purchase.


Answered a year ago

About investment and trade in my opinion
It is necessary to know the source of the money and the method of collecting it, even if the loss occurred, the reason must be known , But as a currency that is traded and ascended without clear reasons, I do not see it appropriate. We must wait until we know how to mine and collect it.


Answered 4 months ago

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