The inventor of the global network Tim Berners-Lee said the speculative nature of crypto makes it “really dangerous” and that he personally does not want to waste time on such an asset.
Tim Berners-Lee, the founder of the World Wide Web online information system and the first pioneer of the internet has just given his opinion on cryptocurrencies.
World Wide Web inventor Tim Berners-Lee calls crypto ‘dangerous’ and likens it to gambling https://t.co/zDi61DsxMQ
— CNBC (@CNBC) February 20, 2023
Appearing in an episode of CNBC’s “Beyond The Valley” podcast on the topic of cryptocurrencies, the British engineer and computer scientist said that digital currencies are only “speculative”, a dangerous gamble. risk and compare crypto to the dot-com bubble (an event that describes a time when tech companies’ valuations were inflated beyond their true value).
Bubbles are often fueled by speculation, when investors blindly pour money into a company based solely on beliefs about its future value rather than solid business models or metrics.
The major contributor to the shaping of the mass media of the 21st century emphasizes that crypto investing is like gambling and he would never waste time on this asset class:
“A digital currency is usually not linked to anything with certainty, but is purely based on speculation. Obviously, that’s really dangerous.”
The co-founder of startup Inrupt with Berners-Lee, John Bruce, echoed in the podcast:
“We have to be really, really, really careful not to over-reach these things.”
However, Tim Berners-Lee said cryptocurrency could be useful in transferring money to a family in another country, if they are immediately converted back to fiat currency upon receipt.
In addition,For Berners-Lee, there is also a key difference between the term Web3, which refers to the third version of the internet based on decentralized applications (dApps) and blockchain technology. In it, he sees Web3 as a way to give users control over their own data, including how it is accessed and stored.
In the midst of the US accelerating crackdown on the crypto industry, the statement from Berners-Lee is just the latest celebrity to have a negative view of cryptocurrencies. Last week, Charlie Munger – Vice Chairman of Berkshire Hathaway and right-hand man of billionaire Warren Buffett continues to say “cryptocurrency is worthless” and said that “the US should follow China to ban crypto completely”. Two days ago, Billionaire Ray Dalio also spoke out “denigrating” Bitcoin.