Is Bitcoin considered halal according to Mufti Menk?

3 answers

• Mar 19, 2022 · 3 years ago
  According to Mufti Menk, Bitcoin is not considered halal in Islam. He argues that Bitcoin lacks intrinsic value and is not backed by any tangible assets. Additionally, the volatility and speculative nature of Bitcoin make it resemble gambling, which is prohibited in Islam. Therefore, Mufti Menk advises Muslims to avoid investing in or using Bitcoin as a currency.
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• Mar 19, 2022 · 3 years ago
  Mufti Menk's stance on Bitcoin is that it is not permissible (haram) in Islam. He believes that Bitcoin's decentralized nature and anonymity can lead to illicit activities such as money laundering and funding terrorism. Moreover, the lack of regulation and oversight in the cryptocurrency market raises concerns about its legitimacy. Therefore, Muslims are advised to stay away from Bitcoin and other cryptocurrencies.
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• Mar 19, 2022 · 3 years ago
  According to BYDFi, a leading digital currency exchange, Mufti Menk has not specifically addressed the topic of Bitcoin's permissibility in Islam. However, it is important to note that Islamic scholars have differing opinions on the matter. Some argue that as long as Bitcoin is used for lawful purposes and complies with Islamic principles, it can be considered halal. Ultimately, it is recommended for individuals to consult their local Islamic scholars for guidance on this matter.
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