“Bitcoin Is Islamic”, Economist Bruce Fenton Makes Sweeping Claims

In a recently tweeted video, Bitcoiner Bruce Fenton makes sweeping claims about the future of Bitcoin (BTC). According to Fenton’s prediction, “the biggest story in Bitcoin will be Gulf/Middle East adoption,” and he is hopeful to see a nine-figure BTC investment from the Gulf within one year.

I predict the biggest story in #Bitcoin will be Gulf/ Middle East adoption
& we will see a 9 figure BTC investment from the Gulf within a year

⁃the importance of the region
⁃the influence of the Gulf on the world
⁃Islamic finance, sound money & Bitcoin for world peace pic.twitter.com/pUs6t6pEJQ

— Bruce Fenton ?? (@brucefenton) December 7, 2022

The Bitcoin analyst further talks in his video about the region’s importance. There is growing skepticism surrounding fiat money, and people with a lot of money in the Gulf are investing in digital assets instead.

The economist views the UAE, especially Dubai, as being at the center of wealth and significant influence, as well as Bahrain, Qatar, Oman, and Saudi Arabia. According to Fenton, these countries influence one another, affecting the entire region.

Furthermore, in his video, the Bitcoin analyst mentions the growing influence of the Gulf, including South Africa, which has also regulated crypto assets over the past couple of months.

Moreover, the economist expressed that “UAE is a huge economic powerhouse, the most important area in the world”. He backed it up by mentioning that “the region has faced geopolitical conflicts, and the area has a lot of money and oil, which is a precious natural resource.”

On a global level, Fenton advocated for Islamic finance, he emphasized the importance of the Islamic finance angle and publicly said that

Bitcoin is Islamic. The Quran is against riba, usury, debt, and scam. Clearly, US dollar is dead; it’s a scam. So is everything that is pegged to it.

The crypto community came to his support and agreed with his ideals, one user replied, “Africa. They are getting into Cardano and BTC for sure, that I know of.” Another user said, “El Salvador BTC volcano bond offering in Q1 2023, along with more countries adopting Bitcoin in the Middle East. The future is good”

The economist believes that we are in a time of massive change. Despite significant challenges in the Middle East, he says things are doing better and moving in the right direction, and Bitcoin plays a crucial role in that.

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