Twitter co-founder Jack Dorsey is of the opinion that augmented inflation will soon make its way in the US.
“Hyperinflation is going to change everything,” Dorsey tweeted Friday night. “It’s happening.”
The tweet comes with consumer price inflation running near a 30-year high in the U.S. and a growing issue that the problem could be worse than policymakers have anticipated.
On Friday, Federal Reserve Chairman Jerome Powell stated that inflation pressures “are likely to last longer than previously expected,” noting that they could run “well into next year.” The central bank leader also stated that he expects the Fed soon to begin pulling back on the extraordinary measures it has provided to help the economy that critics say have stoked the inflation run.
Dorsey does not only head Twitter with 206 million active daily users, but he is also an avid advocate of bitcoin. He has said that Square, the debit and credit card processing platform that Dorsey co-founded, is looking at getting into mining the cryptocurrency.
In a reply to a few user comments, Dorsey stated on Friday that he sees the inflation problem increasing around the globe. “It will happen in the US soon, and so the world,” he tweeted. Dorsey is currently both the CEO of Twitter and Square.
It is important to notice that he uses the word hyperinflation and not just inflation. This means that the situation will be quite difficult and not something that people would be alright with. It can lead to many problems.
Billionaire investor Paul Tudor Jones and others have predicted a period of rising inflation. Jones told CNBC earlier in the week that he owns some bitcoin and sees it as a good inflation hedge.
“Clearly, there’s a place for crypto. Clearly, it’s winning the race against gold at the moment,” Jones said Wednesday.