Cryptocurrency & Bitcoin is the future | Mufti Abu Layth

Uh, Rosalina, it's risky. That's all I'm saying, you know, it's not great wealth creator everyone's saying it is. Mhm. But what I would say, you know, about crypto. Okay, I'm I would advise. You know, this is something you can just discard it. But just my thoughts. I'm just sharing, you know, as they say, it's just afkar.

But that's what it's, you know, it's just these are just thoughts. Um, I would advise that even if you don't get into crypto properly and you don't trade and you don't do that, I would advise uh learning about it and just mucking about a bit on it. Um, it's not difficult. And look, there's no I know people think they they will tell you that look, there's all these epic plans and there's all this, you know, the market has these rules and it's like an organism and it works in the and it does have I I'm not disagreeing that it doesn't work in cycles and stuff and there's all these different ways to look at moving

averages or you're going to look at this particular formula or you got the Fibonacci. You got so many things, but I would say even if it's just you know, you can ignore all of that if you want. Just a simple intuitive kind of feel. Just muck around a little even if it's a tiny amount that you put in. Even if you just put in a couple of hundred pounds and you are just playing around.

You know why? Because I think just to familiarize yourself with this world of crypto. And you might make a couple, you know, you might put in a couple of hundred pounds, maybe you make 20, 30 pounds, maybe you lose some, maybe you make but it's something that you're prepared to lose. You know, you put it in, but it's worth the experience because the future, whether we like it or not, is crypto.

Um it is going to overtake, and it is going to forcefully um just make its place in the world, forcefully. And you know, it's fascinating because remember, I I I once did a uh I did this talk on What was it on? On on sex slaves and concubines and things like this. And in it, I speak about the social consciousness.

And I speak about, you know, you the way you have certain um images and how certain things come to your mind. If you haven't watched that talk, do check it out. But, I gave the example that sometimes certain things that um once you become conscious of them, then it becomes obvious. And I used the the buy, you know, the two image um pictures to give an example that where you can see where there's a double image.

Um whether it's a man or a dog, or whether, you know, it's the vase or two faces. But, the vase and the two faces very obvious. But, there's some I use them in there. I won't ruin it if you haven't watched it. But, there's some that if you can't see it like at first, you only see one. But, the moment the other one is brought to your attention, you can no longer unsee it.

And and that I use that allegory for social consciousness. The kind of zeitgeist that that is there, this this field, which I feel is the collective consciousness. Once that changes, as it changed towards slavery, then these things changed. And um so, do watch that lecture. But, in there, I give an example.

I say that let's say in the future the world is run in a decentralized way. Like, let's say in the future somehow they don't have governments. And they will look back at us and say like, "How did those people used to just accept that somebody could dictate the laws for them? How did they accept that?" And you see, we don't even question it.

It's not even It's It's just a given. And I use the example of something like income tax or different things to say, "Well, look, there's certain things that are just a given for us." Like, the government one is a good example that we Oh, of course, we are just citizens and there's a government and government makes laws and it does things and uh but but why? Well, you know, like obviously because you're going to think, "Well, obviously that's how people rule.

That's how people live." But, in the future if they move away from Imagine there's a decentralized the world is just run by one kind of government somehow. It's not run like And you think this is crazy. How could that be? You know, you think that, "Mufti, are you Are you smoking something?" But, you see, crypto it is showing us something, isn't it?

Money is becoming decentralized. And you would never have thought it. Cuz who would give up the power over money? Cuz money is unbelievably powerful. I would argue it is the most powerful of the human um psychosocial entities. And it's amazing, you know, I have that Yuval Harari's book. I do recommend you get it. It's called money.

You know, and and the saying he has on the back that we money we we want money because everybody else wants money. And because everybody else wants money, we can buy with it whatever we want. It's just a psychosocial interdependency. Now, you see, what we are witnessing is money being made literally out of nothing in the very making.

History is being made. But we are witnessing it in real time. And this is what I find so wow about this. And I think sometimes I'm I'm just too excited. I think people can't see what I'm or they don't I don't know. You know, they like they think like I like I heard some people I read some comments people saying Mufti's just what is he on about?

But you have to appreciate the wow factor. That look, like look, check this out. Money has an arbitrary value. It has the value, but because it's already in circulation, we don't question it. Like why is the pound worth 1.something dollar? Why? You say, "Well, you know, because of this this this." It is, but really, you know, these theories are just I mean, they they're just answers that people are giving that are not really necessarily the case.

It just is. And things fluctuate naturally, obviously the GDP and the market that a country has. This is what we assume. Like we assume, "Well, that's because, you know, Britain it it has, you know, a certain powerful position in the world and it does this and it does that." But that's not always the case. Sometimes certain countries, like in the Middle East, they uh you know, that they their currency will be more powerful than the pound, but they won't have that kind of influence and we'll say, "Well, you know, well, that's because they've got this resource." And we keep kind of coming up with theories.

But, it is just what it is and we we we can't question it because we weren't there when it began. W- See, it's been going on for way before us. But, crypto has emerged in front of us. And even though, really speaking, a lot of crypto doesn't have, yet, I mean, it's going to have, but it doesn't yet have uh ecological, like, much real-world applicability.

Like, it has some, unquestionably, like, your money obviously goes dark, like, you can send money across the world to people, but in some places, you know, you can buy things from people. It's starting now, like, since 2021, there's been much more of a advance towards it, but there's still less applicability in real-world value for it. But, what gives this particular currency its its value?

Now, they're going to say, "Well, there's a fundamental to this coin, you know, it's invested in this technology, in this blockchain. It's invested in this particular" But, really, most people don't know that. Most people don't even You know, let's just be real. Who knows about the fundamentals behind these coins? What the hell What the hell is behind Dogecoin or Dogecoin or what- however they doggy coin. I'll I'll I just call it doge then. What the hell is behind that? It's a joke. That it was made as a joke, the coin was.

It just There's no fundamentals behind it. I know I feel Elon Musk is trying to buy it out and make it his coin, but the Why does it have value? The value is just arbitrary. It's other people want it. Why do they want it? You just create a vision and You see, to me, I feel I treat these things that I feel they they are like virtual organisms that once they come to life they take on a life of their own.

You then no longer entirely control it. And the market is like an organism and these coins are like that. There's a myth associated with them. But in real time they are becoming so you know what Bitcoin is what I mean I know it dipped a bit today but it's on what $54,000? For one Bitcoin? What makes it that valuable? It's entirely decentralized.

Nobody owns Bitcoin. I mean people own it but no company owns it. No government manages it. No nobody can you know dictate Bitcoin in that sense. Like they don't nobody has control over it. It's it's just there. And this is all before our very eyes. Currency has slipped away from the hands of governments and kings, monarchs and it's become this decentralized you know like let's look at that people.

You know like how the Quran says that it does not remain trapped. Now I know here it says the rich but it was in my understanding representing those who controlled money. Or the gold. And here this peer-to-peer and this is coming out there. And obviously the rich will still control more of it than others but it's a phenomenon unfolding.

So this is why I do I I marvel at it and I I I do love the concept. I think it's and and you see it may represent in the future governments becoming control becoming decentralized. You see you may say today Mufti you're chatting it. But mark my words. you see this as money becomes decentralized, maybe power will somehow become somehow become in a slightly decentralized way.

Maybe, or maybe I'm just I need to ease up on some of the the supplements. I need to ease up. Uh Somebody said, "Mufti, it's 2021. People still doubt crypto." Uh I wouldn't doubt it, honestly. I think, you know, you doubt it, you just it's your loss. I would say just familiarize yourself with it even if you're not going to invest huge money in into it. Just become familiar.

Don't be alien to It's like if you don't know how to use the internet today, it's not you know, your world your life will still carry on, but everybody who does know how to use it will be at a great advantage. Says who? Wealth is but a psychosocial entity, my friend. It has no real existence.

Sub Maya. Sub Maya. It is all but an illusion. Allah. Allah already told us in the Quran. He put it The answers were hidden in plain sight, people. It is all but a game. and entertaining.

So, why not enjoy? After all, Allah is telling us it is just a game and entertainment. So, right, what is going on?