Jack Dorsey, the CEO of Twitter and Square, says that 'hyperinflation' will happen soon in the United States and the rest of the world.
- Jack Dorsey, the co-founder of Twitter and a crypto advocate, weighed in Friday on escalating inflation in theUnited States, predicting that things are going to get considerably worse.
- He tweeted, "It will happen in the United States shortly, and so will the rest of the world."
Twitter co-founder Jack Dorsey remarked on the United States' escalating inflation, predicting that things are going to get considerably worse.
"Hyperinflation is going to disrupt everything," Dorsey said in a tweet late Friday. "It's going to happen."
The post comes as consumer price inflation in the United States approaches a 30-year high, raising concerns that the problem may be worse than policymakers anticipated.
On Friday, Federal Reserve Chairman Jerome Powell recognised that inflationary pressures "are likely to endure longer than originally thought," possibly "far into next year."
The Fed's chairman also stated that he expects the Fed to begin reducing the unprecedented measures it has taken to support the economy, which critics claim have fueled the inflationary spiral.
Dorsey is a prominent bitcoin champion in addition to leading a social media company with 206 million active daily users. Square, the debit and credit card processing company that Dorsey co-founded, is considering getting into bitcoin mining, according to him. Square also owns a small amount of bitcoin and supports bitcoin trading.
Dorsey noted Friday, in response to user comments, that he sees the inflation problem escalating around the world. He tweeted, "It will happen in the US shortly, and so will the rest of the world." Dorsey is the current CEO of both Twitter and Square.
It's one thing to call for higher inflation, but it may come as a surprise to some that Dorsey used the term "hyperinflation," a state in which prices rise at a breakneck pace, destroying currencies and bringing entire economies down.
Paul Tudor Jones, a billionaire investor, and others have advocated for a period of rising inflation. Jones said earlier this week on CNBC that he owns bitcoin and considers it a solid inflation hedge.
"Clearly, cryptocurrency has a place. "Clearly, it's winning the gold race right now," Jones said on Wednesday.
Most of the major investors, however, have not gone as far as Dorsey in calling for hyperinflation.