Where lies the intrinsic value (IV) of gold & silver? Natural Desirability, the desire for it is embedded in the nature of man, therefore, it will never lose value. Refer to Quran 3:14, & also to the fact that the nisab of our zakat is pegged to the items mentioned in that verse. As long as the pillar of Zakat still stands, their value will stay.
What about the “IV” of the cryptocurrencies? Momentary hype, that is its “IV”, it’s artificial desirability will maybe last for a couple of decades before its hollowness is clearly seen, just like the case of its father, the Fiat.
Unless someone can assure us with their life that cryptocurrencies will stay on, I may reconsider this position. If you yourself believe that one day (no matter when that day is) its desirability will vanish, you have admitted that it is a very very bad candidate for being an islamically accepted money & currency.
Source: Noor Deros
