Twitter and Square CEO Jack Dorsey believes hyperinflation is soon coming to the United States and it will change everything. The current state is already dire, but things will get worse, says Twitter’s Jack Dorsey.
Fed to Stop its Monthly Asset Purchases to Alleviate the Situation
The doom of the impending hyperinflation according to Dorsey would not stop in the U.S. Twitter and Square CEO Jack Dorsey continues that the rest of the world will also suffer the same fate.
Inflation is the persistent rise in the price of goods and services, which weakens the purchasing power of money. When the rate is rising by more than 50%, it becomes hyperinflation.
The current consumer price inflation in the U.S. is running near a 30-year high. Policymakers are predicting that this figure might rise even higher. Federal Reserve Chairman Jerome Powell commented that the inflation rate will also last longer than previously expected. There is a likelihood of the rates running into 2022.
Some critics have attributed the Central Bank’s monthly asset purchases as part of the measures fueling this inflation. Powell stated the Fed may begin cutting back on these purchases to give a little relief to the situation.
Bitcoin is the Attractive Investment Vehicle with the Impending Inflation
Twitter and Square CEO Jack Dorsey is a huge Bitcoin advocate. Dorsey has revealed in the past plans to take Square into the crypto mining business. Additionally, the debit and credit card processing company already owns Bitcoin and facilitates its trading.
While this news may cause a panic in mainstream finance, it is less concerning to the Bitcoin and other crypto communities. Bitcoin has on many occasions been referred to as the hedge against the impending hyperinflation according to Dorsey.
In an interview with CNBC, billionaire investor Paul Tudor Jones commented that Bitcoin is a good inflation hedge and part of the reason he holds it. American multinational investment bank JP Morgan made the observation that institutional investors are returning to Bitcoin in consideration of the current times.
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