Salam Alykom all;
I know a friend that know how to analyze bitcoin and detect patterns in them. For example he usually buy bitcoin when it is below ~$x then sell when it exceeds ~$x+3%. My friend is just looking at the pattern of going up and down and he can guess when to buy and when to sell. he has been following bitcoin ups and downs for months now and he could develop a skill to make a good guess of the price trend. Also in case of loss he just keep the money there and sell when it goes high and even on that he has an asset (not like gambling he just lose everything because there is no assets there).
3 more pieces of information I wanna add that might be relevant
- He is doing that on Robinhood
- He decide that if buy at say ~$61000 as he usually do and then the price goes down with no sign to go up in near future, then he has no problem keeping his money as Bitcoin as he anyways believes that in long-term it will rise.
He recently watched some videos for some scholars claiming that this is Gharar or like gambling as he understood from the videos! and he get so confused because in gambling no assets involved. My friend would like to know his position and if what he is doing is really haram or halal. AND please if the answer was Haram, what he should do with the earnings that he got so far.
Jazakom Allho Khairan
Thanks