World Wide Web inventor Tim Berners-Lee called cryptocurrencies “risky” and likened them to gambling on CNBC’s episode of Beyond the Valley, which aired Friday.
Referring to the future of the Internet, Berners-Lee said that cryptocurrencies are nothing more than a speculative commodity, likening it to the Internet bubble that emerged in the late 1990s.
At that time, the stock market in developed countries experienced strong growth in Internet-related industries. This period coincided with an explosion in Internet use, a surge in available investment capital, and a rapid rise in the valuation of new Internet start-ups.
"It's nothing more than a speculative commodity," Berners-Lee told CNBC about cryptocurrency. There is no doubt that it is really dangerous. He added, “Some things in investing are just guesswork and I don't want to spend my time on that.”
However, Berners-Lee said that cryptocurrencies can be beneficial for money transfers if they are converted back to fiat currency immediately upon receipt.
The British computer scientist is credited with inventing the World Wide Web in 1989. However, Berners-Lee was not happy with developing his original vision of the Web.
Berners-Lee and John Bruce aim to reshape the future of the internet with their startup, Inrupt, which aims to give people more control over their data. Both have given numerous interviews about the future of the Internet for CNBC's Beyond The Valley program.
While many believe that the future of the Internet will depend on the so-called (Web 3) Web 3, its supporters say that it is distinguished by relying on the blockchain technology that was first seen in the Bitcoin cryptocurrency, which it does in a decentralized way. A way for users to extract electricity. Internet giants like Google, Facebook, and others dominate their data.
But (Berners-Lee) said that the future of the Internet is (Web 3.0), which is different from (Web 3). He explained what it is by saying that it is not based on the blockchain, which lacks the necessary speed and security.