The winner takes it all: IslamicCoin aimed to become a new Bitcoin

IslamicCoin (ISLM) is a new cryptocurrency that complies with Shariah law. Recently, the founders of the project made an impressive statement, announcing that a coin aimed at the global Muslim community can reach the level of Bitcoin (BTC) and reach a capitalization of $1 trillion.

"We are planning a gradual introduction of the coin. If only 3-4% of the Muslim online community own IslamicCoin, the asset will be able to reach the level of Bitcoin, which will significantly increase its value, bring a trillion dollars to holders and $ 100 billion for the Evergreen DAO fund," Mohammed Alkaff Alhashmi, co-founder of Islamic Coin, said in an interview with BeInCrypto.

It sounds incredible, if not fantastic, especially considering the fact that ISLM is not yet very well known in the cryptocurrency market and has not yet reached the value level of Ethereum (ETH) – the second most valuable cryptocurrency with a market capitalization of $ 157 billion.

But even despite this, as well as the fact that the coin is just being prepared for listing on major exchanges, Alhashmi is confident in the success of the product that his company creates. He says the project will "play the long game" and try to gain access to the $2.88 trillion Islamic financial sector.

According to the Global Islamic Economy Report, the volume of the Islamic financial sector in 2020 amounted to $2.88 trillion and is expected to grow to $3.69 trillion by 2024. This is facilitated by the growth of digital technologies and mobile communications. Alhashmi's predictions may be comparable to Willy Wu's estimates that Bitcoin will reach a billion active users in three years. But let's look at the prospects of IslamicCoin's market capitalization in the future, taking into account current indicators.

With a market capitalization of $1 trillion, IslamicCoin will have a value greater than all 19,000 existing cryptocurrencies. According to Coinmarketcap, the capitalization of the global crypto market is $ 916 billion. This is less than the peak of more than $3 trillion in November last year.

Bitcoin accounts for 40%, or $366 billion, of this amount. BTC is followed by Ethereum, Tether (USDT) with $68 billion, USD Coin (USDC) ~ $45 billion and Binance Coin (BNB) with $44 billion.

Alhashmi and other developers and co-founders believe that the project can play a role in ensuring that blockchain technology adopts a strong value system. "I think DeFi will benefit from adopting a Muslim value system and some part of that ethic," says Alhashmi.

"Sharia finance is based on certain ethics and values. The Islamic Financial School does not support interest, gambling and so on. To ensure compliance with the requirements, each project passes through our Sharia Council, which has more than 45 years of experience in the field of Islamic finance," says Alhashmi.

IslamicCoin has already started to receive support from influential members of the Islamic community. A high-ranking Emirati Sheikh Khalifa Bin Mohammed Bin Khalid Al Nahyan was recently included in the advisory board of the project.

Will the Islamic coin become the next Bitcoin? We will closely monitor the project.