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The "What is Money?" Show

The Islamic Case for Bitcoin with Harris Irfan (WiM482)

The "What is Money?" Show

Robert Breedlove

Bitcoin, Breedlove, What Is Money, Investing, Rabbit Hole, Cryptocurrency, Money, Finance, Education, Robert Breedlove, History

4.8710 Ratings

🗓️ 19 June 2024

⏱️ 91 minutes

🧾️ Download transcript

Summary

Harris Irfan joins me for a conversation about Bitcoin and Sharia compliance, the origins of Islamic banking, faith-based thinking in economics, public vs private property, the connection between God and Bitcoin, and why Bitcoin is the most Islamic form of money to ever exist. Harris Irfan is the author of “Heaven's Bankers” and co-founder Deutsche Bank Islamic Finance.

Transcript

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0:00.0

Today we are living through an era of unprecedented inequality, a highly polarized authoritarian world,

0:06.6

mechanized murder, consumerism, and I believe strongly that many of these things boil down to

0:12.0

a system based on usury. And usury comes from fiat money. So is that kind of the fundamental

0:17.5

problem with fiat currencies that it's debt-based? The problem is the bank has the right to create money from nothing.

0:24.6

The realities we're just trying to fool God.

0:26.9

Where does your introduction to Bitcoin fit into this story?

0:31.4

We've got this whole Islamic financing completely wrong, and actually the most Islamic

0:35.1

form of money has already been invented.

0:37.2

You can't just

0:37.8

suddenly magic it out of nothing. So it's not magic internet money. The real magic money

0:42.4

is Pia money. You almost should default to following the ancient wisdom because it was distilled

0:49.6

from many lifetimes of experience and you had but one. And that's why I think

0:54.4

Bitcoin is inherently Islamic

0:56.1

because it encourages

0:57.1

that deferred gratification

0:58.9

investing in our afterlife mindset.

1:02.1

And that's a very Islamic thing,

1:03.4

that's a very Christian thing.

1:04.6

So I'm extremely optimistic about the future.

1:07.0

We can't fix a broken economy.

1:08.4

I think it's possible

1:09.1

with the generation that's coming out.

...

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