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Twitter and Square CEO Jack Dorsey said that 'hyperinflation' will happen soon in the U.S. and the world

CEO Jack Dorsey said that 'hyperinflation' will happen soon

October 26, 2021: -Twitter co-founder Jack Dorsey weighed in on escalating inflation in the U.S., saying things will get considerably worse.

“Hyperinflation which goes to change everything,” Dorsey tweeted on Friday night.

The tweet comes with consumer price inflation, which runs near a 30-year high in the U.S., increasing concern that the problem could be worse than policymakers anticipated.

On Friday, Federal Reserve Chairman Jerome Powell acknowledged that inflation pressures “are likely to longer than expected,” which noted that they could run “well into the coming year.” The central bank leader added that he expects the Fed to soon pull back on the extraordinary measures to help the economy that critics say has stoked the inflation run.

In addition to overseeing a social media platform with 206 million active daily users, Dorsey is a strong bitcoin advocate. He said Square, the debit and credit card processing platform Dorsey co-founded, is looking to get into mining cryptocurrency, and Square owns some bitcoin and facilitates trading in it.

On Friday, Responding to user comments, Dorsey added that he sees the inflation problem escalating around the globe. “It will happen in the U.S. soon, the world,” he tweeted. Dorsey is both the CEO of Twitter and Square.

It’s one thing to call for faster inflation. Still, it may be surprising that Dorsey used the word hyperinflation, a condition of rapidly rising prices that can ruin currencies and bring down whole economies.

Billionaire investor Paul Tudor Jones and others have called for 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.

“There’s a place for crypto, and it’s winning the race against gold at the moment,” Jones said Wednesday.

But most of the major investors have not gone so far as to call for hyperinflation like Dorsey.

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