Bitcoin investment, is it permissible in Islam?

Currently, investment is becoming very popular among the younger generation, especially the millennial generation and Gen-Z who continue to enter the capital market and become new investors. Investment is one of the important things in building the economy of a country and to prepare for personal needs in the future. However, the investment world is currently slightly shaken by one of the new breakthroughs, namely Cryptocurrensy, one of which is Bitcoin , which was first entered in 2009. Cryptocurrency is a virtual currency guaranteed by Cryptography or a currency used to transact one person with another online. While Bitcoin is electronic money or digital currency created by Satoshi Nakamoto (2009). Bitcoin is part of a technological development that wants to make a medium of exchange for transactions and even investments outside the control of central banks and governments in any country. And in some countries Bitcoin has been classified as a foreign currency which is generally not recognized by authorities and regulators because it does not represent the value of assets. Bitcoin itself offers an easier way of paying without the need for a bank account, credit card or intermediary (a joint account with Kaskus). In 2013 the price of Bitcoin was still below 100 US dollars until 2017 it had reached 8000 US dollars. Even this year Bitcoin reached more than 60,000 US dollars ( www.coindesk.com/price ). Since entering Indonesia in 2013, Bitcoin is unavoidable for us as a society and the Indonesian government in the sense that the state must make peace. Then what is the opinion of Islam regarding Bitcoin investment? Bitcoin investment in Islam itself according to the Indonesian Ulema Council (MUI) is more inclined to gharar or speculation that harms others, due to the absence of supporting assets or underlying assets. Bitcoin is so volatile that it has no resilience value at all, and this goes against the very nature of the currency. Bitcoin is permissible if it is used as a medium of exchange for those who are willing to use or acknowledge it (Chairman of the MUI board of directors, KH Cholis Nafis). However, Bitcoin as a legal investment is illegal because it is only a means of speculation not for investment, Bitcoin is only a tool for playing profit and loss and not a profitable business. According to Buya Yahya, Bitcoin is illegal. it's better not to deal with Bitcoins or transactions of this kind because there are no guarantors even the ones who created Bitcoin themselves are not clear. Bill Gates also revealed that he did not invest in crypto currency because it was only considered as speculation.

Until now, there has been no fatwa issued by the MUI regarding Bitcoin investment. Bank Indonesia (BI) and the Financial Services Authority (OJK) are not responsible for any problems caused by the use of Bitcoin, either as an investment or as a means of business transactions. BI only recognizes the rupiah as the official currency in accordance with PBI No. 18/40/PBI/2016. The use of Bitcoin as a means of payment transactions in online financial transactions is included in doubtful matters and something that is doubtful is better left, because it does not bring benefits or mashlahah. The Hadith of the Prophet SAW which was received by Nu'man bin Basyir, Rasulullah SAW said that whoever is careful about doubtful things, indeed he has protected his religion and honor, while whoever commits doubts, his religion and honor will fall. Refraining from doubtful matters is an attitude of wara' (living carefully and simply). So you shouldn't just try - try if you don't know - know clearly about Bitcoin transactions or other things that are not clear.