• Tim Berners-Lee, the inventor of the World Wide Web recently criticized Bitcoin as too speculative.
• He compared the crypto space to the dotcom bubble and implied that it is only a matter of time before its downfall.
• His comments join Warren Buffett’s criticism of Bitcoin who has labeled it “rat poison squared” in the past.
Tim Berners-Lee Criticizes Bitcoin
Tim Berners-Lee, the inventor of the World Wide Web, recently criticized bitcoin as too speculative. In an interview he stated that bitcoin and other cryptocurrencies were „only speculative“ due to their values not necessarily being based on anything but pure speculation and traders‘ attitudes around the world. He also compared them to the dotcom bubble and implied that its only a matter of time before they come crashing down.
Criticism From Other Celebrities
Berners-Lee’s comments join those from other notable celebrities such as Warren Buffett, co-creator of Berkshire Hathaway – one of the largest real estate development companies in the world – who have come out many times to criticize digital currencies claiming that those who invest in these assets must be stupid. Charlie Munger, another lackey of Buffet’s has also added his own criticism to this list.
The Internet Was Speculative Too
It could be argued that at one point in time, even The internet was highly speculative as Berners-Lee claims bitcoin is now; It was a brand new technology with potential for either success or failure depending on people’s attitudes towards it.
Bitcoin Still Has Potential
Despite all this criticism, Bitcoin still has potential and there are many individuals out there who believe in its power and value which can’t be denied no matter how much everyone tries to bash it or label it useless or worthless.
At the end of day, no matter how well bitcoin seems to do, there will always be some people criticizing it for various reasons ranging from age difference between investors/critics or just plain skepticism about something new entering an industry long dominated by fiat currencies and traditional investments methods like stocks etc..