Jack Dorsey is the CEO of Twitter and the co-founder & CEO at Square. He spoke during the Bitcoin 2021 Convention at Mana Convention Center, Miami, Florida on June 4, 2021.
Jack Dorsey, Twitter's co-founder, commented on the escalating U.S. inflation and said things will get worse.
Dorsey tweeted Friday night, "Hyperinflation will change everything." It's happening.
This tweet was sent as consumer price inflation is at an all-time high of 30 years in the U.S., and there is growing concern that it could get worse than policymakers had anticipated.
Federal Reserve Chairman Jerome Powell admitted that inflation pressures could last longer than originally anticipated, noting that they could continue "well into next year." According to Powell, the Fed will soon begin to reduce the number of extraordinary measures it took to support the economy, which critics claim have contributed to the inflation run.
Dorsey is an active bitcoin advocate and oversees a social media platform with 206 million users per day. According to him, Square, the debit- and credit card processing platform founded by Dorsey, is interested in mining cryptocurrency. Square also has bitcoins and facilitates its trading.
Dorsey responded to user comments Friday, saying that he believes the global inflation problem is escalating. He tweeted, "It will happen soon in the US, and so the whole world." At the moment, Dorsey serves as both Square's CEO and Chief Executive Officer of Twitter.
While it is one thing to demand faster inflation, it is another to use hyperinflation to describe a situation of rapidly rising prices that can destroy currencies and bring down entire economies.
Paul Tudor Jones, a billionaire investor, and others called for an increase in inflation. Jones said earlier this week to CNBC that he has bitcoin and views it as an inflation hedge.
"Clearly, crypto has a place. Jones stated Wednesday that crypto is clearly winning the race against the gold.
However, most major investors have not called for hyperinflation as Dorsey.
