Tim Berners-Lee: BTC Is Too Speculative
No matter how well bitcoin seems to do, the fact remains that it’s never going to please everyone, and occasionally, some new celebrity comes out to bash the world’s number one digital currency by market cap and act like it’s useless or worthless. Recently, the latest celeb to pop out and criticize bitcoin was Sir Tim Berners-Lee, the inventor of the World Wide Web.
Tim Berners-Lee Isn’t a Bitcoin Fan
It’s interesting that of all people, Berners-Lee has issues with bitcoin. The digital currency can be classified, after all, as “internet money.” He invented the internet, and given bitcoin is somewhat based on the same type of technology, one might think Berners-Lee would be fascinated by BTC and think it has as much potential as his own creation.
For some reason, this isn’t the case. In a recent interview, the WWW inventor stated that bitcoin and other forms of crypto were “only speculative.” He questioned their values and decided that they weren’t necessarily based on anything, just pure speculation and the attitudes of traders around the world.
He also compared the crypto space to the dotcom bubble, and implied that it’s only a matter of time before the entire industry comes crashing down. He stated:
It’s only speculative. Obviously, that’s dangerous. [It’s] if you want to have a kick out of gambling, basically. Investing in certain things, which is purely speculative, isn’t what, where I want to spend my time.
Naturally, Berners-Lee has his own unique group of people that he can join. A group of bitcoin and crypto haters that include the likes of Warren Buffett (who has referred to BTC as “rat poison squared” in the past) and his lackey Charlie Munger, the 99-year-old co-creator of Buffett’s Berkshire Hathaway, arguably one of the largest real estate development companies in the world.
Both men have come out many times to state their criticism of digital currencies, and they are confident that those who invest in said assets must be stupid. While it can be argued that these two individuals are too old and set in their ways to understand bitcoin or its digital cousins, Berners-Lee is an odd case.
The Internet was Speculative, Too
For example, couldn’t it be stated that the internet, at one point, was highly speculative as he claims bitcoin to be? It was a brand new technology that could have easily gone up or down depending on the attitudes of the people. For all we knew, people were okay going to libraries and related places to conduct their research for projects and reports and the like, and the idea of scrolling through a computer for three hours may not have hit home with everyday people.
But that’s exactly what happened, and for many traders out there, bitcoin has hit home with them.
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