The Bitcoin Standard Podcast 182. The Islamic Case for Bitcoin
Aug 22, 2023
Guests Harris Irfan, Safdar Alam, and Tarek El-Diwany discuss the Islamic perspective on Bitcoin, its compatibility with Islamic finance, and the flaws of the current financial system. They explore the concepts of riba, uncertainty, equity transactions, and the potential of Bitcoin to become a global monetary system aligned with Islamic finance.
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Bitcoin As Hard Money Removes Riba
- Bitcoin functions as a hard, non-inflationary money that removes riba baked into fiat systems.
- With Bitcoin you can save and transact without relying on interest-bearing, inflationary banking protocols.
Think In Bitcoin When You Hold It
- Start thinking in Bitcoin units if a meaningful share of your net worth is in Bitcoin.
- Calculate large purchases and savings relative to Bitcoin to align decisions with your wealth base.
Why Interest Is Prohibited
- Islamic finance prohibits lending with interest because it creates systemic harm and moral hazard.
- Allowing interest risks normalizing practices that lead to chronic inflation and social injustice.