Crypto Market Opens to 1.6 Billion Muslims as Bitcoin is Declared Halal
Bitcoin’s (BTC) price spiked from $6,962.6 to over $8,000 in less than one hour yesterday, the fastest increase to date. Although speculative, some believe the sudden price surge has to do with an Islamic scholar deeming cryptocurrency compliant with Islamic Sharia law. Islam is the fastest growing religion, with over 1.6 billion people worldwide. The adoption of cryptocurrency has been a pressing issue for Muslims around the world. Currency without intrinsic value is forbidden to Muslims, as is lending money with high-interest rates. This practice is known as usury.As the rest of the world began to adopt the new digital currency, Muslims were forbidden to stake their claim in the crypto space – until now. Many believe the price surge was largely due to the crypto market finally opening to 23% of the world’s population.