Tim Berners-Lee, inventor of the World Wide Web, has described cryptocurrency as “dangerous” and compared it to gambling. He made the comments during a podcast interview with CNBC’s “Beyond The Valley.” Berners-Lee believes digital currencies are “only speculative” and may be compared to the dot-com bubble where overvalued internet stocks without solid business backing failed. Berners-Lee warns that investing in purely speculative ventures, such as cryptocurrencies, is “really dangerous.”
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Cryptocurrency as a Risky Venture
Berners-Lee suggests that investing in cryptocurrency is no more than gambling. He points out the dangers of speculative investments and advises caution. Berners-Lee believes that the proper use of digital currencies is for remittances, as long as the recipient immediately converts them to fiat currency.
Web 3.0: Berners-Lee’s Future Internet Proposal
Berners-Lee believes that the future of the internet is Web 3.0, which he proposes as a reshaped version of the internet. He distinguishes Web 3.0 from Web3, a catch-all phrase with no clear meaning but often associated with blockchain technology. Berners-Lee argues that blockchain technology is neither fast nor secure enough to support his proposal for Web 3.0.
Berners-Lee, dissatisfied with the direction the web has taken since his invention, launched Inrupt with John Bruce. The startup aims to reshape the internet by giving people more control of their data. Berners-Lee and Bruce envision a future internet where people have more control over their data, and it is not controlled by giants like Facebook and Google.
