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Twitter and Square CEO Jack Dorsey says “hyperinflation” will soon occur in the United States and around the world

Twitter CEO, Square co-founder and CEO Jack Dorsey will speak at the Bitcoin 2021 Convention, a cryptocurrency conference held at the Mana Convention Center in Miami, Florida, on June 4, 2021.

Marco Bello | AFP | Getty Images

Twitter co-founder Jack Dorsey said things would get worse and helped boost inflation in the United States.

“Hyperinflation will change everything,” Dorsey tweeted Friday night. “It’s happening.”

The tweet raises concerns that consumer prices have risen in the United States for nearly 30 years, which could make the problem worse than policymakers expected.

On Friday, Federal Reserve Chairman Jerome Powell acknowledged that inflationary pressure “is likely to last longer than previously expected” and “may continue until next year.” Central bank leaders added that they expect the Fed to soon begin withdrawing the extraordinary measures it has provided to help the economy, critics say it has stimulated inflation.

In addition to overseeing a social media platform with 206 million active users each day, Dorsey is a strong supporter of Bitcoin. He said Square, a debit and credit card processing platform co-founded by Dorsey, is considering cryptocurrency mining. Square also owns Bitcoin, facilitating its trading.

In response to user comments, Dorsey added on Friday that he is seeing inflation spread around the world. “It will happen soon in the United States and in the world,” he tweeted. Dorsey is currently the CEO of both Twitter and Square.

Seeking faster inflation is one thing, but it may come as a surprise that Dorsey used the term hyperinflation. This is a condition of sharp price increases that can ruin the currency and disrupt the economy as a whole.

Billionaire investors Paul Tudor Jones and others are looking for a time when inflation will rise. Jones told CNBC earlier this week that he owns Bitcoin and considers it a good inflation hedge.

“Obviously there is a place for cryptocurrencies. Obviously it is winning the competition with gold at this point,” Jones said Wednesday.

However, most major investors have yet to demand hyperinflation like Dorsey.

Twitter and Square CEO Jack Dorsey says “hyperinflation” will soon occur in the United States and around the world

Source link Twitter and Square CEO Jack Dorsey says “hyperinflation” will soon occur in the United States and around the world

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