Tesla executive Elon Musk has reacted to reports that Jack Dorsey has created a Web5 decentralized network that will focus solely on Bitcoin. The cryptocurrency community reacted positively to the news that TBD, a subsidiary of Block, plans to create a new Bitcoin (BTC) decentralized network.
Jack Dorsey announces “Web5”
According to an announcement yesterday, the firm has launched a project that is in line with Block founder Jack Dorsey’s vision for Bitcoin to play an integral role in the evolution of the internet. It will set up a decentralized web called “Web5”. While the world is still focused on Web3, which uses Blockchain technology to decentralize the internet, Dorsey is already making moves to build Web5, which tends to focus on a single Blockchain – Bitcoin. Commenting on the news about Dorsey’s plans to launch Web5, a Dogecoin enthusiast who posts with the Twitter username “wandrinstar”, he used the following statements:
If Jack and Bitcoin can create web5, Dogecoin web69 can create.
Elon Musk and Jack Dorsey’s reaction
After the tweet, former CEO of Twitter Jack Dorsey asked Elon Musk to respond . Jack Dorsey used the following phrases:
Your turn @elonmusk
As we reported onKriptokoin.com, Musk, who has always been an advocate of Dogecoin and pushed for widespread adoption of the cryptocurrency to become the currency of the internet, stated that Web69 would be great. While Dorsey is completely focused on Bitcoin, Musk’s crypto attention is focused on both BTC and Dogecoin.
Musk believes the economy will worsen
Meanwhile, Elon Musk recently announced that he has a bad feeling about the economy. Elon Musk sent an email to executives announcing the layoffs and global hiring freeze. Musk’s comments came just after JPMorgan Chase’s chairman and CEO Jamie Dimon stated that the US economy is facing “hurricane-like” problems.
Musk’s bleak prediction of a future economic collapse and its repercussions on major automakers is the clearest of its kind in the industry. The prediction of the world’s richest individual could bring more misery to the markets. U.S. stock futures fell further into the red zone, but the crypto market remained fairly stable. Economists and experts agree with Musk’s concerns, predicting that the United States will fall into recession as a result of rapidly rising food and gasoline prices. Rising unemployment rates can contribute to economic tensions.
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