Bitcoin has been declared Halal, opening up crypto to Muslim investors

Bitcoin has been deemed permissible under Sharia Law by an Islamic scholar, opening up the cryptocurrency world to potentially 1.6 billion of Muslims across the globe.

The study may have contributed to a surge of price gains for the coin, reports The Independent, perhaps giving an indication of the excitement surrounding this move to declar Bitcoin halal/haram.

Matthew Martin, CEO of Blossom Finance, said: “Several recent fatawah issues by prominent Muslim scholars offered incomplete or contradictory opinions on the topic. With all the confusion out there, we wanted to offer clear guidance supporting by solid research that benefits both laypeople and practitioners of Islamic finance.”

Blossom Finance’s Muhammad Abu-Bakar conducted the study, which looked at how Bitcoin concurred with or contradicted Islam’s definitions of money.

“Bitcoin is permissible in principal as bitcoin is treated as valuable by market price on global exchanges and it is accepted for payment at a wide variety of merchants,” the study claims. “Moreover, many private individuals accept bitcoin as a medium of exchange in their private transactions.”