The creator of the World Wide Web (WWW), Tim Berners-Lee, thinks investing in cryptocurrency is “hazardous” and akin to gambling. He asserted that if they were transformed into fiat after being received, they may be beneficial for carrying out transactions.
Tim Berners-Lee, the British computer scientist best known for developing the World Wide Web, recently advised investors to steer clear of cryptocurrencies because they are “speculative” and resemble gambling during an appearance on CNBC.I don’t want to spend my time investing in certain things, which is completely speculative.
Also, he labeled the cryptocurrency industry “hazardous” and drew comparisons between it and the late-1990s Dot-com bubble. Numerous Internet-based companies were the biggest trend back then, and a colossal amount of capital flowed toward them.But, there was also a lot of high-level speculation, and many bettors lost money, which led to a significant drop. But, other organizations, like eBay or Amazon, persevered through the tough years to become industry titans today.
According to Berners-Lee, the sole advantage that bitcoin and the alternative cryptocurrencies have is their use in remittances. Nonetheless, he advised consumers to convert them back into fiat currencies once received.
Recently, the term “Web3” has been used as an analogy for the updated, decentralized, blockchain-based extension of the World Wide Web. The British consider Web 3.0, which is somewhat distinct from Web3 and would not include such principles, to be the proper name for the upcoming version of the WWW.
The American billionaire investor Charles Munger is a similar outspoken opponent of the bitcoin sector like Berners-Lee. Digital assets, according to Warren Buffett’s right-hand man, are gambling contracts that are neither money nor commodities or securities.
He believes they represent a significant risk to the economic stability of America and wishes the government to outlaw them completely.
Most recently, he said that using cryptocurrency is “worthless” and “completely absolutely foolish, idiotic gambling.” The 99-year-old calls people who disagree with him “idiots,” finding it “ridiculous” that anyone would wish to own such goods.
Furthermore, the innumerable bankruptcies, scandals, and market fall in 2022 did significant damage to the legacy of cryptocurrencies. But, it has also been a difficult year for gold and financial markets.
Rising inflation, armed conflicts, the energy crisis, and other factors may be some of the primary causes of the current global monetary disruption that affects a larger portion of the world.
And although other digital assets have questionable uses and may vanish in the future, bitcoin appears to be able to weather the storm and become a financial asset that rivals national currencies.
The value of the dollar, the euro, and many other currencies has been declining recently, so today’s prices are lower than they were in the past for the same amount of goods and services. In addition, central banks can always print more fiat or enforce policies that could negatively affect consumers.
Bitcoin, on the other hand, is entirely decentralized and is not controlled by governments or other institutions. Because of its fixed 21 million coin maximum supply limit, some people consider it to be an inflation hedge.
It has survived previous crises despite being proclaimed “dead” hundreds of times, and citizens of problematic countries like Argentina, Turkey, Lebanon, and more have turned their attention there as a result of their personal financial difficulties.