On January 20, 2018, Egyptian cleric Omar Abdelkafi said in a sermon that was uploaded to his YouTube channel that, based on the knowledge of 42 scholars he trusts on the matter, the use of Bitcoin is Islamically impermissible because its tendency to fluctuate encourages risk-taking and resembles gambling, and because it is an intangible currency that does not have the backing of a central bank, a ruler, or a state. He predicted that Bitcoin will cause state economies and societies to collapse, and he criticized people who use Bitcoin.
Following are excerpts:
Omar Abdelkafi: "A new currency has appeared in the markets and rattled the people. It is an electronic currency and the people that profit from it have forgotten about religion, moral values, and the clerics and religious scholars. If someone tells them it is haram, they label him as extremist, and if someone tells them that it is halal, they want to kiss him and buy him dinner. I don't want their kisses and I won't say it is halal. This currency is known as 'Bitcoin.'
"I have approximately 42 religious scholars whose knowledge [on this issue] I trust. I am merely their humble student, and I will repeat what they said. First of all, the identity of this new currency is unknown, even though it is already being used. It encourages the spirit of risk-taking and gambling. It does not have the backing of a central bank, a ruler, or a state. Therefore, you are up in the air. Its big fluctuations between gain and loss have the characteristics of gambling. In addition, it is an intangible and virtual currency.
"If you will still be here on Earth, you shall see that this currency will cause state economies and societies to collapse. Do not enter into things you do not know."Click below to view the video.