Here’s my word salad offering for this evening.
If this linked article is representative of the quality of Islamic leadership and scholarship on monetary matters then colour me sceptical about the likelihood of a group as big and diverse as the Muslims suddenly understanding and embracing Bitcoin en masse.
This article indicates far too much deference to and reliance on the state - and IMO unjustifiably so. For example, this sentence starts off nicely but after the comma sticks a dagger in my heart:
“Although there is not any specific ruling in Islamic law that money should be printed or minted by the state, there is consensus among historic and current scholars that the state has a major role to play in relation to fiat money.”
If Muslims do what they are supposed to do i.e. think deeply about matters and be more willing to adhere to their principles then this may lead to significant Bitcoin adoption.
Once Muslims better understand ijma, state patronage and control of religious scholars, political power dynamics and the institutionalisation of religion and adopt a holistic approach to justice then this may lead more Muslims to question not just fiat money but how independent in thought and action they actually are.
Muslims generally venerate the early converts to Islam; to go against the societal grain is no easy task. Similarly, Muslim or not, it’s a great honour to be a Bitcoiner in the second decade of Bitcoin’s history.
I hope our participation in Bitcoin will be a source of honour for us all
and I plan to make a few good acquaintances with strangers on the nostrnet along the way!