A 90-year-old Saudi Arabian preacher has proclaimed Bitcoin to be halal,
which is expected to have a positive impact on the cryptocurrency market.
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Saudi Arabian Cleric Declares Bitcoin Halal, Sending Shockwaves Through the Crypto Market
A 90-year-old Salafic preacher from Saudi Arabia has made a historic declaration by issuing a Fatwa that recognises Bitcoin as legal tender under Islam. More attention has been drawn to this news than even the immensely famous Bitcoin ETF, which has sent shockwaves through the cryptocurrency market. The cleric's support of Bitcoin has important ramifications for both the cryptocurrency's future and its uptake by Muslim groups across the globe.
**The Implications of the Fatwa**
There has never been a better chance for Bitcoin to gain traction as a popular investment tool.
*Results*
The crypto market has been rocked by the Saudi Arabian Salafic cleric's Fatwa, which declares Bitcoin to be Halal. With its support, Bitcoin has become more widely accepted in the Muslim world and creates new opportunities for applications in Islamic banking. The market has already been significantly impacted by this news, pushing the price of Bitcoin to all-time highs. The impact of religious endorsements on cryptocurrencies may grow in importance as the market for cryptocurrency develops
