- Tim Berners-Lee, the inventor of the World Wide Web, has strongly criticized virtual currency.
- He referred to cryptocurrency as “dangerous” and compared it to gambling.
- According to him, digital currencies are only beneficial for remittances if they are instantaneously transformed into fiat currency upon receipt.
A few veteran financial marketers and inventors have critiqued the crypto market. Recently, World Wide Web inventor Tim Berners-Lee has heavily criticized virtual currency, calling it “dangerous” and making comparisons to gambling.
Time Berners made his most recent remarks in an episode of CNBC’s “Beyond The Valley” podcast that broadcast last Friday. Tim Berners asserted that virtual currencies are now only “speculative” when referring to the future of the Web. Intriguingly, he compared them to the dot-com bubble, in which internet companies were valued exorbitantly despite having no solid foundational businesses.
Even so, Berners-Lee added that digital currencies are now only useful for remittances if they are instantly converted into fiat currency upon receipt.
In 1989, a British computer scientist created the World Wide Web. Berners-Lee, on the other hand, has been disappointed by how his original concept for the web has progressed.
Berners-Lee, together with John Bruce, is trying to restructure the internet in the future via his startup Inrupt, with the goal of providing individuals more control over their own personal information.
Both showed up on CNBC’s “Beyond the Valley” to talk about the internet’s future.
Berners-Lee contends that the internet’s future is “Web 3.0,” as opposed to Web3. Web 3.0 is his own proposal for restructuring the internet.
“It’s not blockchain,” said Berners-Lee, implying that the innovation is too slow as well as insecure.