Salam respected Muftis. I’ve heard that the value of cryptocurrencies including bitcoin is highly influenced by “whales” (large holders of the assets) and the price is heavily affected once these whales buy or sell the asset. If a whale was to sell most or all of his/her holdings, then the price of the cryptocurrencies would plummet causing huge losses to investors. Because of this there have been many incidents where investors cant cope with such scales of loss and end up committing suicide. If I were a whale, I’d feel guilty for dumping on other smaller investors and causing losses. From an islamic and shariah point of view, would it be acceptable to invest in cryptocurrencies? Also are NFT tokens and digital artworks halal to invest in?
@mufti_billal
@Mufti_Faraz_Adam
Wasalam
May Allah bless you.
What people do to manipulate prices does not make an asset haram automatically. There are other criteria to look at for determining if cryptocurrencies are halal or haram.
NFT tokens can be halal, it all depends on how the protocol is structured.
And Allah knows best!
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@Mufti_Billal Jazak Allah khair mufti saab may Allah bless you
For NFTs, you may read :
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@Mufti_Faraz_Adam Jazak Allah khair may Allah bless you Mufti saab