‘Sounds Like BS’—Elon Musk Slams Radical New Tech And Boosts The Price Of Dogecoin As Bitcoin And Ethereum Struggle

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billionaire Elon Musk, a controversial figure among the cryptocurrency community, has once again endorsed the somewhat satirical bitcoin rival dogecoin—sending its price slightly higher.

The price of bitcoin, ethereum and other major cryptocurrencies are meanwhile struggling, with the bitcoin price failing to regain ground over $60,000 per bitcoin and ethereum’s ether dropping back from around its all-time highs.

Musk said via Twitter that web3—the idea that a decentralized version of the internet that some think could use crypto technology will eventually replace the Silicon Valley-centric web 2.0—”sounds like BS” and flagged dogecoin in a reply to a report that high ethereum transaction fees are locking investors out of decentralized finance (DeFi).

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“Average venture returns for investments made in the 2020s are going to be much worse than those from the 2010s,” predicted Sam Altman, the chief executive of OpenAI and a legendary Silicon Valley investor. “There’s a flood of capital, and I have never heard so many price-setting VCs openly say they’re willing to accept much lower return targets.”

However, Altman added “web3 might still have 2010s-like returns … but most VCs will miss it.”

Musk responded, saying “web3 sounds like BS” and “I thought nothing could be nuttier than ‘99,” referring to the late-1990s dot com bubble that saw investors pour billions of dollars into internet-based companies that eventually…