Jack Dorsey saw hyperinflation happen and changed everything

Twitter CEO Jack Dorsey sees hyperinflation in the US and around the world and this could change everything in both traditional finance and the crypto world like ours. You can see more in our latest crypto news today.

With inflation in place, Twitter founder and BTC proponent Jack Dorsey believes it will continue at a rapid pace and lead to even greater hyperinflation, not just in the US but around the world. The Square CEO shared his comments on Twitter, stating:

“Hyperinflation will change everything … It happens.”

Meanwhile, inflation means a decline in the purchasing power of money, which is reflected in a general rise in the prices of services and goods in the economy and turns into hyperinflation when the rate of inflation exceeds 50%. Dorsey’s tweets come after the Labor Department protested earlier this month that consumer prices rose faster than expected, hitting a 30-year high.

Nigerian cryptocurrency enthusiast Tayo Oviosu commented in the tweet that the country is experiencing an inflation rate of 16% a year, but Dorsey replied that it will soon happen globally. Meanwhile, Federal Reserve Chairman Jerome Powell previously commented on domestic inflation concerns, saying the Fed could ease its support for the economy in mid-November.

Most traditional investors commented that the US inflation rate is not rising, but many have expressed concerns that it could lead to hyperinflation in the long run. However, crypto enthusiasts don’t seem to care much as they see BTC as a hedge against inflation. Regardless of the volatility of the asset, investors will prefer it to other investment vehicles over retail vehicles. A few weeks ago, US multinational investment bank JPMorgan said that institutional investors are apparently returning to BTC as they see it as better inflation protection than gold. Meanwhile, Jack Dorsey argues that BTC changes everything and has nothing more important to do than the life cycle of the asset.

Jack Dorsey sees hyperinflation changing everything, but he’s investing heavily in crypto and even starting a bitcoin collecting service on Twitter with Square building a hardware wallet and a bitcoin mining system.

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