Crypto Is ‘Dangerous’ And Similar to Gambling, Says World Wide Web Inventor

The cryptocurrency industry has been receiving some beating from some of the market's veteran investors and inventors. In the latest development, the inventor of the World Wide Web, Tim Berners-Lee, lashed out at cryptocurrencies, calling them "dangerous" and comparing them to gambling.

Time Berners' latest comments came on an episode of CNBC's "Beyond The Valley" podcast posted last Friday. While discussing the future of the Web, Tim Berners said that cryptocurrencies are only "speculative." Interestingly, he also likened them to the dot-com bubble, in which Internet companies drove crazy valuations without having strong fundamental businesses.

Speaking to CNBC, the inventor of the World Wide Web saying:

“It's just speculative. Obviously, that's really dangerous. [It’s] if you want to have fun with gambling, basically. Investing in certain things, which is purely speculative, is not what, where I want to spend my time.

However, Berners-Lee also added that digital currencies are only useful for remittances if they are immediately converted to fiat upon receipt.

The future of the Internet is Web 3.0 but without Blockchain and Crypto

Although the inventor of the World Wide Web, Berners-Lee is not happy with the way the Internet has been set up. With his new startup Inrupt, he is now looking to reshape the future of the Internet alongside John Bruce.

The WWW inventor said his goal is to give more people control over their data. Many market advocates see the future of the Internet in the form of Web3. Also, many envision Web3 as the Internet of the future running on blockchain technology along with digital assets as part of it. Therefore, they see Web3 as a decentralized internet in which no company has a monopoly.

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