Twitter Boss Says Hyperinflation Will Soon Happen In The US And The World

JAKARTA – Twitter founder and CEO Square, Jack Dorsey believes hyperinflation will soon occur, not only in the United States (US) but also in other countries in the world. Dorsey is also known as a Bitcoin proponent.

Dorsey shared his thoughts in a Twitter post. He wrote: “Hyperinflation is going to change everything… It's happening.”

The tweet was posted by Dorsey after data showed the consumer price component experienced inflation near its highest level in 30 years in the US. There are also concerns that conditions will get worse and policy makers are trying to anticipate this possibility.

For information, hyperinflation is a condition in which the inflation rate in a country is out of control. As a result, prices have increased significantly. This can trigger unstable and full of inequality economic conditions. Usually the price increase is accompanied by an increase in people's income. Hyperinflation occurs if inflation exceeds 50 percent, it can even touch more than 100 percent in just a month.

This is where the importance of central banks and governments in monitoring commodity prices and managing inflation. Last week, the Governor of the US Central Bank, The Federal Reserve, Jerome Powell acknowledged that there has been pressure from the inflation side which is likely to last longer than expected.

In addition, a Nigerian entrepreneur and crypto supporter Tayo Oviosu commented on Dorsey's post by saying that his country is already experiencing inflation of 16 percent annually.

"It will soon happen in the US, and also the world," replied Jack Dorsey.

Regarding the rising inflation rate in the US, traditional investors expressed concern that it could trigger hyperinflation in the long term.

But this is not so ignored by crypto supporters. Because they consider Bitcoin cs as a hedge against the possibility of inflation and hyperinflation. This view is despite the high volatility of assets, investors prefer Bitcoin cs as an investment asset than other assets.

Some time ago, one of the largest US investment bank JP Morgan revealed that “institutional investors seem to be returning to Bitcoin” because they see crypto as a store of value from inflation. Therefore, institutional investors think that currently crypto is better than gold.

Dorsey had already realized this. In response to these conditions, he has invested heavily in crypto. He has also introduced a Bitcoin tipping service on his social media platform Twitter. It doesn't stop there, Dorsey is also reportedly developing a hardware wallet to securely store crypto.