Tim Berners-Lee, the inventor of the World Wide Web (WWW), has recently expressed his opinion on cryptocurrencies, claiming they are “dangerous” and investing in them is similar to gambling. He believes the only merit that bitcoin and the altcoins have is their ability to be employed in remittances, but advises consumers to convert them back into fiat currencies once received. Charlie Munger, the American billionaire investor and Warren Buffett’s right-hand man, shares a similar stance and has described digital assets as gambling contracts that are neither currencies nor commodities and securities.
However, what if Berners-Lee and Munger are wrong? The legacy of cryptocurrencies has been severely harmed after the countless bankruptcies, scandals, and the market decline in 2022, but financial markets and even gold have also had a tough year. Bitcoin, on the other hand, is entirely decentralized and is not controlled by governments or other institutions. It has a fixed maximum supply cap of 21 million coins, prompting some to classify it as a hedge against inflation. Despite being declared “dead” hundreds of times, it has endured previous crises, while residents of troubled nations have shifted their focus toward it because of their local financial issues.
In conclusion, while Tim Berners-Lee and Charlie Munger have expressed their negative opinions on cryptocurrencies, it is possible that they are wrong. Bitcoin has endured previous crises and is seen as a hedge against inflation by some, while residents of troubled nations have shifted their focus toward it because of their local financial issues. It is possible that the digital asset will survive the current turbulence and emerge as a financial asset that competes with national currencies.
