Bitcoin asset “permissible” for Islam: the 90-year-old Salafist cleric from Saudi Arabia confirms it.

Among the latest news regarding Bitcoin, it has emerged that a 90-year-old Salafist cleric from Saudi Arabia has written a Fatwa confirming that the asset is now “permissible” for Islam. In the past, the belief was different, but apparently, the situation has changed. 

Bitcoin asset is now “permissible” for Islam: the Fatwa of the Salafist cleric confirms it

According to the latest news, it seems that Islam has approved Bitcoin, stating that the asset is now “permissible”. 

“NEW: The 90-year-old Saudi Salafite cleric writes a Fatwa that deems #Bitcoin acceptable for Islam”

The text begins by stating that in the past, the request to make Bitcoin acceptable for Islam had been declined, but now there has been a change of opinion regarding it. 

And indeed, the 90-year-old Salafist cleric from Saudi Arabia wanted to emphasize how the judgment has changed as he now sees bitcoin transactions as transactions in any other currency, where the evils are not hidden and it is clear what is prohibited and what is not. 

Specifically, here is what is said about the choice to make Bitcoin permissible for Islam: 

“[..] what makes it more likely to say that it is permissible – in my opinion – is that as long as this currency is backed by those who issued it, it is acceptable. Because then they resemble checks issued with amounts divided on a current account balance.”

In practice, for the Salafist cleric, Bitcoin is similar to checks from one point of view and approved cash from the other. And in fact, similar to a check because it is valid for all those who hold it and because it is only issued to those who have received the order to request what it contains. 

Islam accepts Bitcoin’s trustless asset 

Continuing in the Fatwa, the Salafist cleric from Saudi Arabia then wanted to talk about the adoption of Bitcoin, stating that experts see an expansion in its adoption.

In such cases, all countries are forced to consider Bitcoin and even adopt cryptocurrencies without knowing who issues them.

In this regard, the Salafist cleric from Saudi Arabia then spoke about “trust,” as it is from there that all the other rules that apply to current currencies such as paper money would then start.

Here’s what the text says:

“Obviously, the source must be known. Because trust in it depends on trust in its source, as is the case with all other currencies, and therefore the same rules that apply to current currencies such as paper money apply to it. Usury is prohibited, the hand of the thief is cut off, its owner becomes rich, it is inherited by him, and zakat is required. Although its nature and management methods are different from those of traditional currency, God knows well what to do.”

Today’s BTC price

At the time of writing, BTC is worth $42,517, experiencing a -1.04% dump in the last 24 hours. Its market cap remains above $832 billion, despite a 12% decrease in trading volume in the last 24 hours.

Looking at the monthly chart, the queen of crypto has remained above $40,000 since December 4, 2023, reaching its monthly (and yearly) peak of $44,540 on December 8, 2023. 

The price forecasts for BTC already for 2024, seem to be very optimistic, like that of the youtuber Crypto Rover who, based on technical analysis, sees it rise to $72,000 in the first part of 2024.

Even Michael Saylor, CEO of MicroStrategy, has released his predictions for Bitcoin, suggesting that the queen of crypto could reach figures like $350,000 by the end of 2024.

For other analysts, however, it seems that already in 2024 it could happen that Ethereum could outperform Bitcoin in terms of price.