Inventor of World Wide Web warns investors: “cryptocurrency is dangerous”

Inventor of World Wide Web warns investors: "cryptocurrency is dangerous"

TL;DR Breakdown

  • In an episode of CNBC’s “Beyond The Valley” podcast, Tim Berners-Lee – the pioneer of the World Wide Web – designated cryptocurrency as dangerous and compared it to gambling.
  • Analyzing the future of the web, Berners-Lee declared digital currencies as “speculative” and likened them to the dot-com bubble.

Last Friday, on CNBC’s “Beyond The Valley” podcast series, Tim Berners-Lee—the inventor of the World Wide Web—warned against cryptocurrency due to its unpredictable nature, comparing it closely to gambling.

As he contemplated the future of the web, Berners-Lee compared digital currencies to the dot-com bubble when internet stocks were inflated despite not having a solid business foundation. He noted that cryptocurrencies are “only speculative.”

“Speculative trading is incredibly hazardous. It’s just like betting if that’s your thing. I’d prefer to stay away from investing in anything speculative as it isn’t something I want to spend my time on.”

Tim Berners-Lee

According to Berners-Lee, digital currencies can benefit remittances if they are automatically transformed into standard currency when obtained.

Berners-Lee, the British computer scientist credited with inventing the World Wide Web in 1989, is not happy about how his original vision for the web has turned out. Together with John Bruce, Berners-Lee is hoping to reclaim people’s control of their data and reshape the future of the internet through his startup Inrupt.

Tim Berners-Lee on Web3

Proponents have spoken extensively of the upcoming future of the internet, which they refer to as Web3—a phrase that lacks any concrete interpretation. Yet proponents insist it is based on blockchain technology, first introduced when the cryptocurrency bitcoin was created. It is believed that with this new version of the internet, power will be taken away from big corporations such as Facebook and Google, transforming it into a decentralized platform for all users.

However, Berners-Lee believes the future of the internet is “Web 3.0,” something he separates from Web3. He has proposed this new version of the web to transform it entirely and make it even better than before.

“It’s not blockchain,” stated Berners-Lee, noting that Web3 doesn’t possess enough speed or security for his vision of a perfect web experience.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

Damilola Lawrence

Damilola Lawrence

Damilola is a crypto enthusiast, content writer, and journalist. When he is not writing, he spends most of his time reading and keeping tabs on exciting projects in the blockchain space. He also studies the ramifications of Web3 and blockchain development to have a stake in the future economy.

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