2 years ago
331 Jack Dorsey, Twitter founder and great Bitcoin proponent, has predicted that the already intensified inflation in the United States will continue rapidly and eventually spread to the entire world.
On October 25, 2021, the Twitter CEO shared his thoughts on the matter, stating:
“Hyperinflation is going to change everything… It’s happening.”
By description, inflation is a decrease in the purchasing power of money, reflected in the general increase in prices of goods and services in an economy. Inflation turns into hyperinflation when its rate exceeds 50%, according to Investopedia.
The top executive’s sentiments appear just a few weeks after the United States Labor Department raised concerns over consumer prices hiking more than expected, nearing a 30-year high.
Inflation Spreads Further
In the same Twitter thread, Tayo Oviosu, a Nigerian businessman and Crypto enthusiast, commented that his country is already intensifying roughly a 16% annual inflation rate. Jack Dorsey responded by saying, “it will happen in the US soon, and so the world.”
Jerome Powell, the United States Federal Reserve Chairman, has previously commented on inflation concerns in the country. At the time, Powell maintained that the inflation might continue until next year. Unfortunately, the Federal Reserve also revealed that it would start reducing stimulus packages it offers to the economy from mid-November.
Bitcoin To Rescue The Entire World
The inflation debate has also attracted the attention of many traditional investors. Most of them have expressed their great fear amid the rising inflation rate in the United States, echoing Dorsey that the inflation might lead to hyperinflation in the long run.
On the other hand, crypto enthusiasts seem less concerned about the matter as many of them see Bitcoin as a hedge against inflation. Although digital assets are volatile, most investors still prefer them over other investments currently suffering from inflation.
A few weeks ago, JPMorgan, an American multinational investment bank, asserted that more institutional investors appear to opt for Bitcoin because it is more resilient to inflation than gold.
Dorsey Believe Bitcoin Will Change Everything
In the meantime, Dorsey is not just a crypto enthusiast, the Twitter boss strongly believes that the adoption of Bitcoin will eventually transform everything. He argues that nothing is more important to work on in a lifetime than focusing on digital assets for now.
No wonder the billionaire investor has seeded heavily to see the growth of the crypto sector. After launching a Bitcoin tipping service on Twitter, Dorsey revealed that his associate fintech company, Square, is exploring a hardware wallet and a bitcoin mining option.
