With inflation already a problem, Twitter creator and Bitcoin supporter Jack Dorsey thinks it will undoubtedly continue at a fast pace. This will bring about hyperinflation, not simply in the US but all around the world.
Everything Is About To Change
The Square CEO shared his opinion on the matter on Twitter, stating: “Hyperinflation is going to change everything … It’s happening.”
According to Investopedia, while the rising cost of living means less purchasing power because of a general price increase of goods, it becomes hyperinflation when the inflation rate surpasses 50%.
Dorsey’s tweet comes after the US Labor Department reported that consumer prices climbed more than anticipated, nearing a 30-year high.
Shortly In The US
Nigerian entrepreneur and crypto fanatic Tayo Oviosu observed in the comments of the tweet that his nation is already facing a 16% inflation rate per year. Dorsey responded, “It will happen in the US soon, and so the world.”
At the same time, United States Federal Reserve Chairman Jerome Powell has addressed worries of inflation, stating it could continue until next year. The Fed could also begin to minimize aid to the economy as soon as mid-November.
Bitcoin To The Rescue?
Many traditional investors have also observed the climbing inflation rate in the United States while manifesting concerns that hyperinflation may be around the corner.
Yet crypto fanatics seem much less worried as they see BTC as a hedge against inflation. Although the asset class has a volatile nature, investors still prioritize crypto over other financial investments.
A couple of weeks back, American investment firm JPMorgan claimed that “institutional investors appear to be returning to Bitcoin” since they see it as a better inflation hedge than gold.
Bitcoin Is A Game Changer
At the same time, Jack Dorsey is not just a crypto enthusiast. He feels Bitcoin is a game-changer and that nothing is more essential than learning about and investing in Bitcoin.
That is why he is spending heavily to see the development of the crypto market. After releasing a BTC tipping solution on Twitter, the billionaire disclosed that his fintech business, Square, is building a hardware wallet and a bitcoin mining system.
Wilson is a successful crypto analyst and content writer with many years of writing experience in finance and blockchain fields. His interests are in crypto-asset research and technical analysis, Fintech, Blockchain, DeFi, NFTs, and Personal Finance.