With inflation already there, Twitter founder and Bitcoin promoter Jack Dorsey believes it will continue at a rapid pace, leading to hyperinflation not only in the United States but the rest of the world.
Hyperinflation Will Change Everything
The Square CEO shared his thoughts on the matter on Twitter, stating: “Hyperinflation is going to change everything… It’s happening.”
While inflation is a decrease in the purchasing power of money, reflected by the general increase in the prices of goods and services in an economy, it becomes hyperinflation when the inflation rate exceeds 50%, according to Investopedia.
Dorsey’s tweet comes after the United States Labor Department earlier this month reported that consumer prices rose more than expected, nearing a 30-year high.
Soon in the USA
Nigerian businessman and crypto enthusiast Tayo Oviosu commented in the tweet that his country is already experiencing an inflation rate of 16% per year. Jack Dorsey responded, “it will happen in the US soon, and so the world.”
Bitcoin to save the day?
Many mainstream investors have also commented on the rising inflation rate in the United States while expressing fears that it will lead to long-term hyperinflation.
But crypto enthusiasts seem less concerned about the matter as they see Bitcoin as a hedge against inflation. Despite the volatile nature of the asset class, investors still choose it over other investment vehicles during these tough times, and it’s not just retail investors.
A few weeks ago, American multinational investment bank JPMorgan said that “institutional investors appear to be returning to Bitcoin” because they see it as a better inflation hedge than gold.
Dorsey: Bitcoin changes everything
Meanwhile, Jack Dorsey isn’t just a crypto admirer, he believes that Bitcoin changes everything and that there is nothing more important to work on in a lifetime than the digital asset.
That is why he is investing heavily to see the growth of the crypto industry. After launching a BTC tip service on Twitter, the billionaire revealed that his fintech company Square is building a hardware wallet and also a bitcoin mining system.
