About bitcoin

We have a group where we cousins and brohers collect money monthly and we invest in any projects or things like that.

We will have an opinion and we discuss upon it and then we finalise to invest in such and such business.

One of the brothers is more interested in investing in bitcoin and I heard it to be not recommended. I would like to know more about it.

Is it halal to invest in bitcoin, if so why are the misunderstanding,

If not, why?

Requesting the respected scholars to reply to this at your earliest convenience.

Apologies for my language if you feel it to be rude. As english is not my mother tongue i could write like this only.

There are certain Islamic criteria for determining the value of a currency. Studies by our scholars indicate that these criteria are not met in the case of Bitcoin. Therefore, transactions involving Bitcoin are not permissible.