Just like how volatile the stock market was when it was reactive to what Donald Trump tweeted, the same goes with how the cryptocurrency market reacts to how Elon Musk tweets.
A tweet is all it takes to bring cryptocurrency price soars higher or plummets to their new lows. It has become a massive craze that everyone seems to not want to miss this opportunity to invest and make money in digital asset investment.
From Bitcoin to Dogecoin, cryptocurrency also garnered attention from the Muslim world. However, it is never that easy for practising Muslims to start investing in just any investment tool.
Muslims who are keen to explore the idea of investing in certain cryptocurrencies might be wondering if it is shariah-compliant or not considering how alien this new investment instrument is.
In short, halal covers not only about diet restrictions and guideline but a complete wholesome way of life including investment tools such as cryptocurrency investment.
The use of digital assets under Islamic law has been a topic of debates in recent years, as many Muslims are concerned that crypto investments may not be permissible.
Although according to some recent scholarly interpretations, most general uses for digital assets are considered to be permitted in Islam as long as there is no element on the unlawful activity involved.
Find out more from our Halal Centre of Excellence experts.