This significant development of Bitcoin has caught the attention of the global cryptocurrency community, as well as the approximately 2 billion followers of Islam worldwide.
The Fatwa, a legal opinion or decree issued by an Islamic scholar, carries considerable weight within the Islamic community. Let’s explore more about this important news for Bitcoin.
Islamic Cleric Approves Bitcoin: A Watershed Moment
The cleric, known for his adherence to Salafism—a conservative and orthodox Sunni Islamic movement—has given a nod to the legitimacy of Bitcoin within the framework of Islamic finance.
Fatwa of Al-Allamah Abdulrahman Al-Barrak (may Allah preserve him) on bitcoin.
Note the shaykh is over the age of 90, and is one of the most senior scholars alive in Saudi Arabia.
بِسْمِ اللَّـهِ الرَّحْمَـٰنِ الرَّحِيمِ
Question:
What is your esteemed opinion regarding the… pic.twitter.com/Si2NanPO9Z— Ahmed Al-Tayy (@AhmedTayy) December 27, 2023
Islam boasts a massive following of around 2 billion adherents globally. The impact of this Fatwa on Bitcoin’s price and adoption cannot be underestimated. The Islamic finance market has traditionally been conservative. So, the acceptance of Bitcoin within this context may open new avenues for cryptocurrency integration into mainstream financial systems.
One immediate effect could be a surge in demand for Bitcoin from Muslim-majority regions and communities. Investors who were previously hesitant due to religious concerns may now view BTC as a permissible and even attractive investment option. This increased demand has the potential to drive up the price of Bitcoin as more participants enter the market.
Conclusion
This development represents a step toward the mainstream adoption of Bitcoin. As it transcends cultural and religious boundaries, making the world of cryptocurrency more inclusive and diverse.
Disclaimer
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