– Bitcoin has evolved from a niche digital experiment to a widely recognized asset, prompting discussions on its permissibility in Islamic law.

– The foundational criteria for wealth in Islamic law, as established by Ḥanafī jurists, are essential for assessing Bitcoin’s status as wealth (_māl_) and its classification as currency (_thaman_) or asset (_ʿarḍ_).

– Bitcoin qualifies as wealth in Islamic law due to its global recognition, ability to be stored, and absence of prohibited elements such as interest or gambling.

– The classification of Bitcoin as currency depends on its widespread acceptance and use; currently, it functions more as an asset than a medium of exchange.

– Common objections to Bitcoin’s permissibility, including its lack of intrinsic value and volatility, do not undermine its status as a legitimate asset under Islamic law.

– Bitcoin’s legitimacy is rooted in societal recognition and utility, rather than state endorsement, as shown by its adoption and taxation by various countries.

– This essay highlights the distinction between Bitcoin and altcoins, noting that many alternative cryptocurrencies lack the stability and recognition that Bitcoin has achieved.

– Concerns about Bitcoin being used for illegal activities are addressed, emphasizing that the asset’s permissibility is based on its characteristics, not the actions of some users.

– Caution is advised when engaging with altcoins, as many are speculative in nature and may not align with Islamic ethical principles.

– The overarching conclusion is that while Bitcoin meets the criteria for permissibility in Islamic law, each cryptocurrency should be evaluated individually based on its merits and adherence to ethical considerations.

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