Is investing in Bitcoin and similar wallets Islamically Halal (allowed) or prohibited? Same question on stocks too. Thank you! Sara

I'm Joe Bradford, a scholar of Islamic finance and an advisor. Bitcoin and other cryptocurrencies are permissible to purchase as long as they meet a few basic stipulations: the use case that they were created for is permissible, they act as a store of value, and they are a medium of exchange.
While most cryptocurrencies will fulfill the last two stipulations there are some like meme coins etc that don't have actual use cases and no real utility other than being used for manipulation and pump and dumps. Those coins should be avoided outright.
for more information on the topic you can check out my website where I have several articles and videos about the topic or schedule a call with me to discuss any intricacies about a coin you are looking to purchase.

About investment and trade in my opinion
It is necessary to know the source of the money and the method of collecting it, even if the loss occurred, the reason must be known , But as a currency that is traded and ascended without clear reasons, I do not see it appropriate. We must wait until we know how to mine and collect it.

There is no definitive ruling from all Islamic scholars on whether investing in bitcoin or cryptocurrencies is halal or haram. Different scholars have different views:

Some scholars argue that cryptocurrencies are not backed by real assets and their values are highly volatile, making them akin to gambling, which is haram. There is also uncertainty about the underlying assets and risks involved.

However, other scholars argue that as long as the cryptocurrency has real utility and is being used as a medium of exchange rather than pure speculation, then investing in it for lawful purposes could be considered halal by analogy to foreign currencies.

Tracking the ownership of coins is also important from an Islamic perspective to avoid transactions involving interest, uncertainty, or impermissible assets like pornography. Public ledgers provide traceability.

The Fatwa committees in the UAE and Saudi Arabia have ruled that cryptocurrency trading is generally halal, as long as the coins are free from interests and impure activities like gambling.

In terms of conventional stocks, the general view of most Islamic scholars is that investing in stocks is halal if:

The companies' main business activities are lawful and not in industries like arms, alcohol, pornography, etc.

The companies are financially stable and profitable to reduce the risk of losing capital. Speculation is discouraged.

Investors do adequate due diligence on the companies.

Cryptocurrency investing may be halal if the specific coins meet core Sharia principles. And conventional stocks are generally considered halal if the above conditions are met. Individuals should consult reliable local scholars for proper guidance.