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Iranian Hujjat-al-Islam dismisses Bitcoin as a store of value

Parto Avazpour
Written by Parto Avazpour

Professor of Karij level (the highest level of Islamic Studies) at Qom seminary Hujjat-al-Islam Muhammad Hossein Malekzadeh surveyed cryptocurrencies and particularly Bitcoin during cyberspace fiqh class.

According to the experts, there exist 1600 kinds of cryptocurrencies, among which bitcoin allocates 50 percent of the crypto market to itself and has become a criterion for other cryptocurrencies, He stated.

He added:

The nature of a cryptocurrency like bitcoin is a question, basically. Is it a product? Is it a physical production? Is it an spiritual product? we assume that bitcoin and cryptocurrencies are money. If they are money, what are their characteristics?

Ultimately, he declared that bitcoin cannot be used as a unit of measurement. Hence, we cannot use it as a tool for storing value.

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Parto Avazpour

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