Interesting take. My first thought is that this extremely valuable and hoarded Bitcoin concentrated in the hands of early adopters is ought to be subject to Zakat or invested back in needed businesses (which are also subject to Zakat).
The point of Zakat on gold and silver is not to be hoarded; same goes with Bitcoin.
Amrush, you’ve given me a reason to pick up al-Qardawi’s Fiqh of Zakat from my bookshelf!
I note there’s a potential dichotomy in the view that money ought to be under the remit of the state (in the interests of avoiding chaos) but also treating Bitcoin as money when it comes to zakat.
On a wider point, it saddens me that most people seem disinterested in monetary matters even though money is arguably one of the most important social constructs and that its societal impact is so significant.
I also think that the absence of monetary justice facilitates widespread oppression. Therefore, a decent understanding of the current and a better monetary system ought to be more prevalent - if people really care about justice.
I haven't read the book, and I'm absolutely new to Islamic finance, so excuse me if I err. My interest has originated because of the Zakat issue that Bitcoin has created for me. Alhamdulillah.
I think that Shaikh Al-Qaradawi's opinion about money being the remit if the state, particularly if it is the only stopgap to avoid chaos, has been nullified by central banking. If there are other reasons, I cannot speak for it.
If anything, as bitcoiners, you and I think that BTC is more stable on the long run. A 100 years of central banking only gave us the illusion of stability.
As for monetary justice, people are starting to perk up. The inflationary pressure that people are feeling will eventually lead to questions.
Again, fiat money is Riba. Allah has declared war on user's of Riba. It will end no matter what. And people will be freed from this monetary injustice. The question is: are we in a position to offer a suitable global replacement? BTC in its current state is still ways away.
