With the disruptive effect of FinTech and new forms of technology on the capital markets, the ongoing 'war on cash' and the development of new so-called 'asset classes'; this paper shall aim to address the reality of the most popular cryptocurrency today- Bitcoin. In Part 1, the author aims to provide a brief insight as regards to what Bitcoin actually is especially given that the question as to whether it is a 'currency' or an 'asset' has caused considerable confusion to date. In Part 2, the author then aims to assess Bitcoin from an Islamic legal viewpoint based on a critical evaluation of some key research papers and ijtihad (legal reasoning) conducted on the matter to date.