Jack Dorsey, the founder of Twitter and Bitcoin advocate, believes that inflation is already here. This will lead to hyperinflation not only in the United States, but all over the globe.
Hyperinflation Will Change Everything
Square CEO, John Square, shared his views on the subject via Twitter. He stated: “Hyperinflation will change everything… It is happening.”
According to Investopedia, inflation refers to a decline in the purchasing power and reflects in the general rise in prices for goods and services. However, hyperinflation is when the inflation rate exceeds 50 percent.
Dorsey’s tweet came after the United States Labor Department reported earlier this month that consumer prices rose more quickly than anticipated, nearing a 30-year-high.
Jack Dorsey is the CEO of Twitter
Soon in the U.S.
Tayo Oviosu, a Nigerian crypto enthusiast and businessman, tweeted that Nigeria is experiencing an inflation rate of 16% per annum. Jack Dorsey replied, “it will happen soon in the US, and so it is the world.”
Jerome Powell, the Chairman of the US Federal Reserve, has commented previously on inflation concerns in the United States, saying that it could continue into next year. The Fed could also begin to decrease the enormous help it provides to the economy as early as mid-November.
Bitcoin to Save the Day
Traditional investors also expressed concern about the US’s rising inflation rate and expressed concerns that it could lead to hyperinflation.
Crypto enthusiasts are less concerned than others about this matter, as they view Bitcoin as an inflation hedge. Investors still prefer it over other investment options, despite its volatility, and this is not just for retail investors.
JPMorgan, an American multinational investment bank, stated that institutional investors are returning to Bitcoin because it is a better inflation hedge than gold.
Dorsey: Bitcoin changes everything
Jack Dorsey isn’t just a crypto enthusiast, he believes that Bitcoin is the future of everything. There is no more important thing to do in life than working on this digital asset.
He is therefore investing heavily in the future growth of the cryptocurrency industry. The billionaire, who launched a BTC tipping site on Twitter, revealed that Square, his fintech company is currently building a hardware wallet as well as a bitcoin mining platform.
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