Many Muslims are attracted towards the latest and trending Cryptocurrencies like meme-coins, and specially the Bitcoin. Youth of today want to know if it is considered Halal or Haram in Islam, here we've tried to answer the question “is Cryptocurrency Halal or Haram in Islam?” We've tried to put a fair amount of evidence and information on the topic.
The Crypto industry is highly fluctuating and sometimes a part of a Ponzi scheme, or fraud chain. Moreover, governments do not control the Cryptocurrency.
Bitcoin or any other Cryptocurrency is not halal (lawful) in the Islam, as of Islamic Scholars (Aulama-e deen). One of the Mufti at a DawateIslami program talked about it, here, Mufti Ali Asghar on lawfulness of Bitcoin or any other Cryptocurrency .
You can learn more why it is not considered as Halal in Islam. Mufti Ali Asghar has given good examples as to how and why the Cryptocurrency is not halal in Islam.
Mufti Ali Asghar also pointed out the “un-necessity” of the Cryptocurrencies.
One solid fact about the Cryptocurrencies not being a good thing for people in general is that, people buy it with the real world money that is certain to have more stable value in the markets for longer time bound.
Compared to that, Cryptocurrencies are not certain to hold its value for any certain time, and are not regulated like real money, physical assets. Hence, the security threat is always there to a cryptocurrency being a Ponzi scheme, or loosing its entire value due to cyberattacks, market collapse, fraud.
There are ample amounts of evidence to prove the above point. The 2022, and 2023, market meltdown of cryptocurrency, that wiped out large amounts of money belonging to people around the world who choose to invest in crypto markets.