Worldwide web inventor Tim Berners-Lee said crypto is speculative as its value is based on what people think other people will pay for it in the future rather than hard metrics like revenue.
Berners-Lee made the comment during his appearance on CNBC’s “Beyond the Valley” alongside Inrupt CEO John Bruce.
Berners-Lee likened the crypto industry to the dot-com bubble when people were investing in websites that had wildly bloated market caps due to speculation. He used the example of a company in Texas that created a website to sell cattle online, but its market cap at the time was greater than all the cattle in the world.
He said people were valuing the company based on what they thought it would be worth in the future and likened it to most cryptocurrencies as they are not linked to anything and their value is based on speculation. He said:
“A digital currency that is not linked to anything… where its only speculative… obviously, that’s really dangerous.”
Berners-Lee said
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