Hot Potato: Another public figure has vilified cryptocurrencies as “dangerous,” likening digital currencies to gambling. This time the criticism comes from the inventor of the World Wide Web himself, Sir Tim Berners-Lee.
In March 1989, Berners-Lee proposed the information management system that has become the World Wide Web as we know it today. The British computer scientist spoke on a recent episode of CNBC's Beyond The Valley podcast about cryptocurrencies, which continue to divide opinion.
Berners-Lee said cryptocurrencies are "purely speculative". He compared it to the dot-com bubble, the stock market bubble of the late 1990s, when companies tried to boost their stock and attract investment by adding .com to their names. Many stock prices soared before the bubble burst in 2000.
"This is just a guess. Obviously, it's really risky," Berners-Lee told CNBC. "[It's] if you want to enjoy the game, basically."
"Investing in some things that are purely speculative is not something I want to spend my time on."
Not all of Berners-Lee's comments on cryptocurrencies have been negative. He highlighted the usefulness of digital currencies for remittances, provided they are converted into fiat currency upon receipt.
Other notable critics of cryptocurrency include Bill Gates, who last year defined it 100% based on a dumber theory. He also warned that ordinary investors should be more aware of the volatile price of cryptocurrencies and should not invest based on Elon Musk's tweets. In 2018, Gates said that cryptocurrencies were being used to buy drugs, making them a rare technology that causes death in a simple enough way.
Berkshire Hathaway CEO/President Warren Buffett once called Bitcoin "the death of a rat in a square," saying he wouldn't pay $25 for all the Bitcoin in the world. His longtime business partner and VP of Berkshire Hathaway, Charlie Munger, has been even more critical of bitcoin in the past, saying holding the cryptocurrency is "stupid," predicting its value will drop to zero over time, and asking for a "bad" encryption. because it undermines the integrity and stability of the US financial system. Munger also said that the use of cryptocurrencies is driving the US crazy because China was smart enough to ban them. If the 99-year-old hasn't expressed his feelings about cryptocurrency enough, he called it a "venereal disease" that needs to be stopped.
Last year's crypto winter meant 2022 was a nightmare for cryptocurrency investors and companies, but bitcoin has rebounded a bit in 2023, up 50% year-to-date to nearly $25,000 , its highest price since August. Some analysts believe that BTC will continue to rise for the next 10 months, while others believe the slump will last longer. Online Gambling Sites Offering Most Cryptocurrency Deposits to Thousands of Australians | 7:30 in the morning