Tim Berners-Lee Says Crypto is Highly Speculative and Dangerous

Tim Berners-Lee, inventor of the World Wide Web (WWW) in an episode of CNBC’s “Beyond The Valley” podcast said cryptocurrency is dangerous and can be likened to gambling. According to the published update, the British computer guru while describing the future of the web mentioned that digital currencies are just speculative.

To further buttress his position, Tim likened the cryptocurrency to the internet bubble that was eventually phased out in the early 2000s after wiping off investors’ funds worth billions of dollars. The internet bubble was driven by speculations which led several investors to invest funds in many dot com companies without regard for their financial fundamentals.

In his opinion, while differentiating Web 3 and Web 3.0, he noted that the future of the internet is Web 3.0 as it is his own proposition for remodeling the internet adding that Web 3 is not the web at all.

Although Tim Berners-Lee holds negative sentiments regarding digital assets, he believes that cryptocurrencies can find an important use case in remittance if converted back to fiat currencies as soon as it is received.

Top Bearish Sentiments on Cryptocurrencies

As a result of so much unpleasantness in the crypto industry including the crash of the Terra (LUNA) crypto assets in May and the gloomy crypto winter which caused crypto projects to become insolvent and thereafter file for bankruptcy, several investors and firms have shared their views and sentiments on the industry.

At the end of 2022, the governor of the Reserve Bank of India (RBI) Shaktikanta Das told a group of banking executives and lawmakers that cryptocurrencies hold several risks, most especially to the macroeconomy and stability of a nation. As such, Das thinks the use of crypto should be prohibited to avoid further financial crises.

Likewise, the American television personality, author, and host of Mad Money on CNBC Jim Cramer advised crypto investors to sell off their crypto holdings. According to Jim, there would be a huge industry collapse in 2023, hence the need for investors to sell their digital assets before things plummet further.

Although 2022 was characterized by a decline in market prices which was made worse by the collapse of several big names in the industry, Bitcoin which is the leading cryptocurrency now trades for nearly $25,000 after trading for between $15,000 to $18,000 for the latter part of 2022.