Jack Dorsey warns ahead of looming hyperinflation, as people look to BTC for rescue

By Mayowa Adebajo
Published October 25, 2021 Updated October 25, 2021
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Twitter CEO Jack Dorsey may have just warned of an impending hyperinflation that is set to happen in the U.S. and then the world at large.

Jack Dorsey warns ahead of looming hyperinflation, as people look to BTC for rescue

By Mayowa Adebajo
Published October 25, 2021 Updated October 25, 2021

Twitter CEO Jack Dorsey may have just warned of an impending hyperinflation that is set to happen in the U.S. and then the world at large.

Twitter CEO Jack Dorsey Predicts Hyperinflation for the U.S.

Jack Dorsey, CEO of Twitter and Square Inc., had taken to his Twitter page in the early hours of Saturday to tweet a warning about an incoming hyperinflation in the U.S. He wrote:

Hyperinflation is going to change everything. It’s happening.

The Twitter CEO’s tweet is not exactly shocking however, especially seeing as consumer price inflation is running close to a 30-year high in the U.S.

The tweet also came on the heel of Federal Reserve Chairman, Jerome Powell’s acknowledgement on Friday. Powell admitted that inflation pressures are likely to persist even longer than previously predicted, extending it deeply into the coming year.

Meanwhile, many people have disagreed with Jack’s prediction so far, while some others are agreeing with the post.

One professor at Tufts University’s Fletcher School, Daniel Drezner who claimed to have actually experienced a true hyperinflation while living in Ukraine in the early 1990s, strongly disagreed. He simply said: “This ain’t it mate.”

Another Economist Steve Hanke,  a bitcoin unbeliever, who also boasts of himself being an expert on inflation and hyperinflation had some things to say. He claims that there’s only been 62 certified hyperinflations ever in world history, and that presently, no country is battling with hyperinflation of any sorts. He then remarked that Jack should know better than to tweet irresponsibly, especially with public statements.

Some believed and are in agreement with Dorsey’s warning however, tweeting, “Thank God for bitcoin” in the process, while noting that BTC will unavoidably become the world’s reserve currency.

A chief strategy officer at the Human Rights Foundation, Alex Gladstein commented in support of Dorsey’s hyperinflation tweet. He said that only a financially privileged few will be the least bit shocked about the reality of Jack’s tweet. He then added that nearly 1.3 billion people already live under double, triple, or 4-times inflation in some parts of the world including Nigeria, Iran, Turkey, Ethiopia, Cuba, Sudan, Lebanon, Venezuela, and even many more. According to Gladstein, the world is already experiencing one of the world’s biggest inflation crisis.

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