After a depreciation of 4 long months, Bitcoin comes back strongly with $1000 price hike in just 30 minutes. It was an unexpected move but this is how it performs. This pioneer coin is unpredictable and its success is hidden in its very nature. After a FATWA, Bitcoin Witnesses an Explosive Growth of $1000 in Just 30 Min.
FATWA Declared Bitcoin as Halal
Analysts did not find any other obvious factor behind this massive boost except a FATWA declaring Bitcoin as Halal. Most of the twitter users are saying that this rapid growth is because of huge participation from the Muslim community after this Fatwa declaration.
A tweet from a crypto group profile, Trading Room reads:
“Additional 1.8 billion people will now be able to buy #bitcoin
After a FATWA, Bitcoin Witnesses an Explosive Growth of $1000 in Just 30 Min
#bitcoin is declared halal and holy for Islamic community. Expect a bounce as soon as Saudi Arabia, Qatar & Abudhabi Sovergn Funds enters Crypto Markets”
Bitcoin was Declared HARAM in December, 2017
Religious influence is a dominating factor in Muslim countries when it comes to finances, investment and businesses. There was a huge debate going across Muslim clerics about whether investing in Bitcoin is Halal or Haram. In December, 2017, the debate started after a Muslim Cleric declared Bitcoin as Halal. Following the statement, several Muslim Scholars opposed the declaration and disagreed to the statement. In the wake of this controversy, Egypt’s top Clergyman issued a FATWA declaring Bitcoin trading as Haram.
Muslim community declared Bitcoin halal due to which Bitcoin Witnesses an Explosive Growth
Blossom Finance is a financial firm that uses digital currencies to help Muslims. Shariah Advisor of Blossom Finance published a researched paper in which he concluded that Bitcoin is legal and allowed as per Sharia Laws. In his research paper he emphasized with in-depth analysis that this currency is compatible with Sharia Laws.
CEO of Blossom Finance, Mathew J Martin’s Strong Opinion
The CEO of Blossom Finance, Mathew J Martin summed up the controversial debate by saying as follows:
“I’ve had so many people ask me ‘Is Bitcoin Halal or Haram?’ and the honest answer is ‘it depends’. Bitcoin is not just a currency, but it’s also a transaction and payment network. And blockchain itself is a whole category of technology with wide ranging applications”
Muslim Factor in Cryptocurrency
No one was analyzing this factor especially when the pioneer coin was continuously dipping down and was struggling to resist. The gradual and consistent decline in the value of Bitcoin for the past four months distracted the traders. No one knew a single research paper could help Bitcoin increase its value by $1000 in just 30 minutes. The power of Muslims can never be undermined with the size of the population being a quarter of the world’s population.
Approximately 1.8 million people from Saudi Arabia, UAE and other rich Muslim countries reportedly contributed their part in this sudden price hike.
Is it a Significant Achievement?
Yes, it’s a huge achievement when the circumstances where against crypto currency. Countries and their central banks are imposing bans on its trade and the value is consistently dropping from last 4 months. People who were initially calling it a bubble were finding value to their observation.
Among all those strongly opposing factors, the increase of $1000 in just 30 minutes is a significant achievement.