118. The Islamic Case for Bitcoin

<p>In this interview with the Practical Islamic Finance podcast, Saifedean discusses Bitcoin from an Islamic perspective, and makes the case for why it is more compatible with Islamic Sharia law than government money. Whereas the creation of government money happens through the creation of interest-bearing debt which is forbidden in Islam, the creation of bitcoin is no different than the creation of a market commodity, with a competitive market for its production. Bitcoin&apos;s decentralization makes it uniquely different from all other digital currencies because it makes it a free market commodity, and not a tool that allows its issuer control over its users.</p><p> </p><p><b>Resources</b></p><ul><li>Visit <a href='https://saifedean.com/arabic'>saifedean.com/arabic</a> to download The Bitcoin Standard and Arabic language bitcoin materials for free.</li><li>Podcast episode <a href='https://saifedean.com/podcast/117-the-problem-with-interest-with-tarek-el-diwany-and-allen-farrington/'>The Problem with Interest with Tarek El Diwany</a> for discussion of riba and decentralization in publishing the Koran.</li><li>Tarek El Diwany’s book <a href='https://b-ok.cc/book/5761799/19a46d'>The Problem with Interest</a>.</li><li>Podcast episode <a href='https://saifedean.com/podcast/103-islamic-finance-and-bitcoin-with-safdar-alam/'>Islamic Finance and Bitcoin with Safdar Alam</a> for discussion of how modern Islamic Finance “mimics” the fiat system, and is in need for reform.</li><li>Safdar Alam’s <a href='https://twitter.com/SafdarAlam/status/1193990135563669504?s=20&amp;t=EpYwu7zU9MWJjmWAetW7XA'>Twitter thread</a> on why Islamic banking needs to reform.</li><li>Safdar Alam’s textbook <a href='https://www.amazon.co.uk/dp/1913203018'>Islamic Banking in Practice</a>.</li><li>Podcast episode <a href='https://saifedean.com/podcast/59-bitcoin-the-most-islamic-form-of-money-with-harris-irfan/'>Bitcoin: The Most Islamic Form of Money? with Harris Irfan</a> for discussion of why bitcoin could be the most sharia-compliant form of mo