Web Inventor Berners-Lee compares crypto to gambling and calls it 'dangerous'

The creator of the World Wide Web, Tim Berners-Lee, compared Bitcoin to gambling and termed it "hazardous" in a recent episode of CNBC's "Beyond The Valley" program.

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In a discussion about the future of the web, Berners-Lee claimed that digital currencies are "just speculative" and made a comparison to the dot-com bubble, in which internet stocks—often lacking a strong business behind them—were greatly overvalued.

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"It's just a guess. Naturally, that's really risky," Berners-Lee told CNBC. Basically, "[It's] if you want to get a kick out of gambling."

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I don't want to spend my time investing in certain things, which is entirely speculative, he continued.

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But, according to Berners-Lee, digital currencies might be helpful for remittances if they are instantly transformed back into fiat money after being received.

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In 1989, the World Wide Web is credited to have been created by a British computer scientist. Yet, Berners-Lee is not happy with how his original plan for the web has turned out. Through his firm Inrupt, Berners-Lee is working with John Bruce to redefine the internet's future in order to give users more control over their data. Both gave a lengthy interview to CNBC's "Beyond The Valley" regarding the direction the internet is heading.

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Upcoming Of Web3

The future of the internet has been discussed frequently in terms of Web3, a catch-all term with no specific definition. Nonetheless, proponents frequently claim that this version of the internet is powered by blockchain technology, which was first introduced with the bitcoin cryptocurrency. Some claim that Web3 is a decentralized internet that reduces the dominance of industry titans like Facebook and Google.

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Nonetheless, Berners-Lee claimed that "Web 3.0," which he separates from Web3, is the internet's future. His own suggestion for changing the internet is called Web 3.0.

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Berners-Lee remarked, "It's not blockchain," implying that the technology isn't quick or secure enough.