2 mins read Tim Berners-Lee, the man credited with the invention of the World Wide Web, has argued that cryptocurrencies are “highly speculative” in nature.
Berners-Lee appeared on an episode of CNBC’s Beyond The Valley podcast and spoke about the spread of crypto and the industry in general.
He compared the current cryptocurrency gold rush to the dot-com bubble and said that the value of many crypto options was highly inflated, not unlike internet stocks were in the early 2000s.
Berners-Lee said such speculative assets were “really dangerous” and that he would personally not manage his money in a way that puts it at risk by investing in purely speculative assets.
Berners-Lee acknowledged some of the positive qualities of cryptocurrencies, arguing that they can be very useful for remittances, providing that they are converted to FIAT currencies after a transfer was completed.
He added that cryptocurrency is basically the kind of “kick” investors get out of gambling.
Berners-Lee is hardly the only critic to call the speculative nature of cryptocurrencies into question.
In fact, others have cautioned consumers and investors about crypto as well. Perhaps, the most prominent critic of crypto assets comes from mainstream finances with Charlie Munger recently railing against the crypto sector once again.
However, not everyone agrees with these arguments. Munger may have called for a ban on crypto many times now, but prominent “old guard” financiers such as Robert T Kiyosaki have been advocating for a more balanced approach.
In fact, Kiyosaki has called blockchain a more legitimate way to run money than the US Federal Reserve could offer right now.
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