Web inventor Berners-Lee calls crypto dangerous, comparing it to gambling

Tim Berners-Lee, the inventor of the World Wide Web, called cryptocurrency “dangerous” and compared it to gambling in an episode of CNBC’s “Beyond The Valley” podcast last Friday.

Discussing the future of the Internet, Berners-Lee said that digital currencies are “only speculative” and compared it to the dotcom bubble, in which Internet stocks, often without solid business, were grossly overvalued.

“It’s just speculation. Obviously, it’s really dangerous,” Berners-Lee told CNBC. “[It’s] basically if you want to enjoy gambling.’

“Investing in certain things that are purely speculative is not something I want to spend my time on,” he added.

Berners-Lee, however, said that digital currencies can be useful for remittances if they are immediately converted back to fiat currency upon receipt.

A British computer scientist is credited with inventing the World Wide Web in 1989. But Berners-Lee was unhappy with how his original vision of the web had panned out. Together with John Bruce, Berners-Lee aims to change the future of the Internet through his startup Inrupt, with the goal of giving people more control over their data. Both spoke to CNBC’s “Beyond The Valley” in a wide-ranging interview about the future of the Internet.

Many proponents have talked about the future of the Internet in terms of Web3, a catchphrase with no precise meaning. But proponents often say that this version of the Internet is powered by blockchain technology, which first appeared with the cryptocurrency Bitcoin. Some say Web3 is a decentralized Internet that will take away the power of giants like Facebook and Google.

But Berners-Lee said the future of the Internet is “Web 3.0,” which he distinguishes from Web3. Web 3.0 is his own proposal to remake the Internet.

“It’s not blockchain,” Berners-Lee said, suggesting the technology isn’t fast or secure enough.