Jack Dorsey, the CEO of Twitter and Square, has warned that hyperinflation is on the way in the United States and across the world. "Everything is going to change because of hyperinflation." "It's going to happen," he prophesied. Many individuals, however, disagreed with him.
According to Twitter CEO Jack Dorsey, the United States will soon experience hyperinflation.
Jack Dorsey, the CEO of Twitter and Square Inc., issued a warning about hyperinflation in the United States on Friday. “Hyperinflation is going to change everything. He wrote, "It's happening."
His tweet was swamped with responses. It has received more than 7K comments and had been liked 70.1K times and retweeted 22.9K times at the time of writing. "It will happen in the US shortly, and so will the globe," Dorsey added in a follow-up tweet.The Twitter CEO's statement came as consumer price inflation in the United States approached a 30-year high, raising fears that the crisis might be worse than officials anticipated. Inflationary pressures "are likely to endure longer than originally predicted," according to Federal Reserve Chairman Jerome Powell, and might last "far into next year."
Many individuals, however, disagreed with the Twitter CEO's prediction that hyperinflation will occur in the United States. "Hyperinflation is not happening in the United States," said Patrick Horan, program manager for monetary policy at George Mason University's Mercatus Center.
"What's happening is increased inflation, not hyperinflation," said Lawrence White, an economics professor at the same university. It's a shame that Jack can't alter his tweet on Twitter."
“I went through true hyperinflation in Ukraine in the early 1990s,” said Daniel Drezner, a professor at Tufts University's Fletcher School. "This ain't it, mate," says the narrator.
Steve Hanke, a bitcoin critic who claims to be an authority on inflation and hyperinflation, has this to say:
In the history of the globe, there have been 62 verified hyperinflations. No country is currently facing hyperinflation. Jack should know better than to make public remarks that are irresponsible.
Despite the fact that many people on Twitter disagreed with Hanke's comments, Dorsey just responded with a laughing emoji.
"Thank God for bitcoin," other users tweeted in response to Dorsey's warning, stressing that BTC will surely become the world's reserve currency.
The Human Rights Foundation's chief strategic officer, Alex Gladstein, responded to Dorsey's hyperinflation tweet:
Those who were astonished by this tweet live in a bubble of wealth. Turkey, Nigeria, Ethiopia, Iran, Lebanon, Venezuela, Cuba, Sudan, and more countries have double, triple, even quadruple-digit inflation. It has already become one of the world's most serious humanitarian disasters.
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