Saifedean Ammous discusses Bitcoin as the foundation of wealth at Bitcoin MENA 2024
Speaking at Bitcoin MENA 2024, Saifedean Ammous, author of The Bitcoin Standard, delivered a compelling argument on Bitcoin's compatibility with Islamic finance.
The conference, held at the ADNEC Centre from December 9-10, has drawn attention from financial experts and Bitcoin advocates worldwide, and was live streamed in Youtube.
Ammous addressed the question, "Is Bitcoin halal (permissible) or haram (not permissible)?" He emphasized the compatibility of Bitcoin with Islamic financial principles, advocating for its halal status.
Bitcoin makes sense from an Islamic financial perspective because it aligns with the principles of fairness and transparency, he explained, adding that Bitcoin’s decentralized nature eliminates the exploitation and interest-based transactions associated with fiat currencies.
"Fiat Is Not Really Money"
Ammous criticized fiat money, describing it as "money you hold on the condition of good behavior." He argued that traditional financial systems require compliance with external demands to retain access to funds, undermining true ownership. In contrast, Bitcoin provides sovereignty over one's wealth, aligning with the Islamic emphasis on individual accountability and ethical stewardship. He further elaborated that fiat currencies are susceptible to manipulation by central authorities, making them an unreliable store of value.
“If you don't have Bitcoin, you don’t really have money,” he said, pointing out how Bitcoin’s finite supply and immutable ledger offer a more ethical and stable alternative to people today. In this case Bitcoin is the “real money”, all other forms are not.
Bitcoin MENA 2024 has brought significant discourse around the role of cryptocurrency in diverse cultural and financial systems, with Ammous’ insights shedding light on its potential to bridge modern technology and traditional values.
Trump's crypto venture is also represented in The Bitcoin MENA Conference. The next U.S. president, once a Bitcoin skeptic, has transformed into a vocal champion of digital assets, vowing to make the U.S. the “crypto capital of the world”.
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