Twitter CEO: Hyperinflation will change everything and it is already happening
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Answer Twitter CEO: Hyperinflation will change everything and it is already happening
With inflation already here, Jack Dorsey, founder of Twitter and a supporter of Bitcoin, believes that it will continue to grow at a rapid rate, which will lead to hyperinflation, not only in the US but around the world.
Hyperinflation will change everything.
Share The CEO of Square shared his thoughts on the matter on Twitter, saying:
Hyperinflation will change everything…it happens.
While inflation is a decrease in the purchasing power of money, and is reflected in the general increase in the prices of goods and services, inflation becomes excessive when the inflation rate exceeds 50%, according to Investopedia.Read:Binance platform adds staking feature to Algorand coin and its token (ALGO)
Dorsey’s tweet comes after the US Department of Labor reported earlier this month that consumer prices rose more than expected, approaching a 30-year high.
Inflation will soon reach the USA:
Nigerian businessman and cryptocurrency enthusiast Tayo Ovioso commented on Twitter that his country is already experiencing an inflation rate of 16% annually.
Jack Dorsey’s response:
It will happen in the United States soon, as well as the world.
Meanwhile, US Federal Reserve Chairman Jerome Powell previously commented on inflation concerns in the country, saying that it may continue until next year, and the Fed may also start reducing the massive assistance it provides to the economy in mid-November.
Bitcoin to hedge against inflation:
Many traditional investors commented on the high rate of inflation in the US, while expressing concerns that it could lead to hyperinflation in the long run.
But crypto enthusiasts seem less concerned about this issue as they see Bitcoin as a hedge against inflation.
Despite the volatile nature of the asset class, investors are still choosing it over other investment vehicles at this challenging time, and it’s not just retail investors.Read:How can blockchain technology change the future of the real estate market?
A few weeks ago, US multinational investment bank JPMorgan said institutional investors seem to be returning to bitcoin because they see it as a better hedge than gold against inflation.
Dorsey: Bitcoin changed everything
Meanwhile, Jack Dorsey gave his belief which shows that he is not just a fan of cryptocurrencies, he believes that Bitcoin has changed everything and there is nothing more important to work on in a lifetime than digital currencies.Read:The crypto community reacts to the lawsuit against Ripple over its unauthorized sale of the cryptocurrency XRP
This is why he is investing heavily to see the growth of the crypto industry.
After launching the bitcoin giveaway service on Twitter, the billionaire revealed that his financial company Square is building a hardware wallet and also a bitcoin mining system.
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