World Wide Web Inventor Bashes Crypto Calling It ‘Dangerous’

The cryptocurrency industry has been receiving some bashing from some of the veteran market investors and inventors. In the latest development, World Wide Web inventor Tim Berners-Lee has lashed out at crypto calling them ‘dangerous’ while likening them to gambling.

Time Berners’ latest comments came in the episode of CNBC’s “Beyond The Valley” podcast published last Friday. While discussing the future of the Web, Tim Berners said that cryptocurrencies are only “speculative”. Interestingly, he also compared them to the dot-com bubble wherein internet companies steered crazy valuations without having any strong fundamental businesses.

Speaking to CNBC, the World Wide Web inventor said:

“It’s only speculative. Obviously, that’s really dangerous. [It’s] if you want to have a kick out of gambling, basically. Investing in certain things, which is purely speculative, isn’t what, where I want to spend my time”.

However, Berners-Lee also added that digital currencies are only useful for remittances if immediately converted into fiat currencies upon receiving them.

The future of the Internet Is Web 3.0 But Without Blockchain and Crypto

Although the inventor of the World Wide Web, Berners-Lee isn’t happy about the way the internet has been shaped. With his new startup Inrupt, he’s now looking to reshape the future of the internet alongside John Bruce.

The WWW inventor said that his goal is giving more people control over their data. A lot of market proponents see the future of the internet in the form of Web3. Also, many envision Web3 as the future internet that runs on blockchain technology along with having digital assets as a part of it. Thus, they see Web3 as a decentralized internet with no one company having a monopoly over it.

However, Berners-Lee envisions Web 3.0 which is different from the conventional Web3. “It’s not blockchain,” he added while suggesting that the technology isn’t quite fast or secure.

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.