Blossom is not a Shariah advisory, and therefore we're not able to provide valid legal opinions on matters of fiqh (jurisprudence).
However, we have conducted our own extensive research into this specific topic. The short answer is: yes, bitcoin (and most cryptocurrency) is halal.
Note that this answer is a very simple summary of a highly detailed research into the topic by qualified Shariah scholars. We recognize that this topic is an area of ijtihad and ongoing research, and we respect other opinions on this matter. As a reminder, our short answer is not intended to be final or legally binding. Allah s.w.t. knows best.
If you are able, we recommend reading our full research paper a the link above.
- What is Money?
- How does Bitcoin and cryptocurrency work?
- What qualifies as money/currecy in Islam?
- Can non-tangible things be property (mal) ?
- What are the Islamic legal criteria for money/currency?
- Definition of Money
- Differences Between Money and Commodities
- Types of Money
- Customary Money Explained
- Shariah Analysis of Fatawas and Scholars Opinions
- Does money need a central authority?
- Does speculation make bitcoin haram (impermissible)?
Download the Publication
Credit / Citation
Abu-Bakar, M. (2017, April 05). Shariah Analysis of Bitcoin, Cryptocurrency, & Blockchain [PDF]. Blossom Labs, Inc.