- Twitter co-founder and crypto supporter Jack Dorsey spoke out on Friday against the United States’ growing inflation, predicting that things will become much worse.
- He tweeted, “It will happen in the US shortly, and so the world.”
Twitter co-founder Jack Dorsey commented on the United States’ growing inflation, predicting that things will get much worse.
“Hyperinflation is going to change everything. It’s happening.,” Dorsey said in a tweet late Friday. “It’s going to happen to the rest of the world.”
The post comes as consumer price inflation in the United States approaches a 30-year high, raising concerns that the problem may be worse than policymakers anticipated.
On Friday, Federal Reserve Chairman Jerome Powell recognised that inflationary pressures “It will happen in the US soon, and so the world,”.
The Fed’s chairman also stated that he expects the Fed to begin reducing the unprecedented measures it has taken to support the economy, which critics claim have fueled the inflationary spiral.
It’s one thing to advocate for higher inflation, but it may come as a surprise to some that Dorsey used the term “hyperinflation,” a state in which prices rise at a breakneck pace, destroying currencies and bringing entire economies down.
One of the major supporter of bitcoin and CEO of Mircrostrategy Michael Saylor revert backed Dorsey’s tweet saying “Bitcoin” is the only solution to counter hyperinflation.
Paul Tudor Jones, a billionaire investor, and others have advocated for a period of rising inflation. Jones said earlier this week that he owns bitcoin and considers it a solid inflation hedge.
“Clearly, there’s a place for crypto. Clearly, it’s winning the race against gold at the moment,” Jones said Wednesday. Most prominent investors, however, have not gone as far as Dorsey in calling for hyperinflation.
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