• Tim Berners-Lee, the inventor of the World Wide Web recently criticized Bitcoin and other forms of cryptocurrency as being “only speculative.”
• He compared crypto to the dotcom bubble and implied that it’s only a matter of time before the entire industry crashes.
• Other notable bitcoin critics include Warren Buffett and Charlie Munger who have referred to BTC as „rat poison squared“ in the past.
Tim Berners-Lee’s Criticism of Bitcoin
Sir Tim Berners-Lee, the inventor of the World Wide Web recently spoke out about bitcoin during an interview, stating that it and other forms of cryptocurrency 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, implying that it’s only a matter of time before the entire industry comes crashing down.
Warren Buffett & Charlie Munger
Warren Buffett and his lackey Charlie Munger are two notable bitcoin critics. They have come out many times to state their criticism of digital currencies, confident that those who invest in said assets must be stupid. Buffett has referred to BTC as „rat poison squared“ in the past while Munger has made similar statements about digital coins and tokens.
Internet was Speculative Too
It could be argued that when the internet was first created, it was highly speculative too – just like bitcoin is now. It was a brand new technology which could have easily gone up or down depending on people’s attitudes towards it at that time. Despite this fact however, Berners-Lee still has issues with bitcoin as he questions its value and believes it is primarily based on speculation rather than any real tangible asset or resource.
Bitcoin vs Traditional Assets
Unlike traditional assets such as stocks or bonds which are underpinned by economic fundamentals such as company performance or government debt levels respectively; cryptocurrencies depend heavily on investor sentiment for their price movements which can make them very volatile investments over short periods of time – something which may not sit well with some more conservative investors such as Sir Tim Berners-Lee who prefers to stay away from such high risk investments.
Conclusion
While it can be argued that some people may never understand or accept cryptocurrencies due to their age or set ways; recent comments from Sir Tim Berners Lee show why even technology pioneers may struggle to get behind digital coins – with potential risks outweighing potential rewards for many investors wanting safe long term returns from their investments.