Twitter's Jack Dorsey Warns of Impending Hyperinflation | 'Not Shocking' Due to 30-Year High Consumer Price Inflation in the US?

Urian B., Tech Times 25 October 2021, 02:10 am

Twitter CEO Jack Dorsey is warning of an impending hyperinflation that could come. Jack Dorsey could have just warned about the hyperinflation being set to happen first in the US and then finally the world at large.

Twitter CEO Jack Dorsey

The CEO of Twitter as well as Square Inc., Jack Dorsey had officially taken to his own Twitter page as of recently in order to tweet out a warning about what could be an incoming hyperinflation in the United States. The Tweet noted that "Hyperinflation is going to change everything" with the tech CEO noting that "it's happening."

Jack Dorsey's tweet, however, isn't quite shocking as, according to CoinGape, this is especially due to seeing consumer price inflation which is now running really close to a whole 30-year high in the United States. The tweet also reportedly came on the heels of Jerome Powell, the Federal Reserve Chairman's acknowledgement just recently.

Not Hyperinflation?

Powell also admitted that inflation pressures are also very likely to persist even longer compared to other previous predictions which would extend it deeply into 2022. Meanwhile, there have been a lot of people that still disagree with Jack's prediction. Others, however, also agree with Jack.

Daniel Drezner, a professor at Tufts University's Fletcher School, claimed to actually have experienced a true hyperinflation. This was while living in Ukraine some time during the 1990s. He strongly disagreed by simply saying "this isn't it mate."

Only 62 Hyperinflations Recorded

Yet another Economist Steve Hankle, also known as a bitcoin unbeliever, who claims to be an expert on inflation and hyperinflation gave his thoughts. He claimed that there have actually only been 62 certified hyperinflations that ever happened in history.

It was noted that as of the moment, no country is actually battling with hyperinflation. He then remarked that Jack should really know better than just to tweet quite irresponsibly especially when it comes to public statements. Jack Dorsey's Square is building a Bitcoin mining system from its own hardware wallet model.

Belief in Bitcoin

A number of people believed and are also in agreement with Jack Dorsey's warning while tweeting out "Thank God for bitcoin." Those in the agreement noted that BTC will actually unavoidably become the world's reserve currency. Jack Dorsey says that the leading cryptocurrency is the key Twitter's feature.

A certain chief strategy officer, Alex Gladstein, of the Human Rights Foundation, commented in order to support Dorsey's hyperinflation tweet. He also noted that only a financially privileged few would actually be the least bit shocked regarding the reality of Jack's tweet.

He also reportedly added that 1.3 billion people are already living under double, triple, or even quadruple inflation in a number of parts of the world. These places include, Turkey, Nigeria, Cuba, Iran, Lebanon, Ethiopia, Sudan, Venezuela, and a lot more.

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Written by Urian B.