Twitter and Square CEO: Jack Dorsey sees Hyperinflation Coming to US and Bitcoin as Solution.
Twitter and Square CEO and founder Jack Dorsey sees hyperinflation coming to the United States of America and the rest of the world, which will change everything, due to the fact that inflation rate is increasing and believes Bitcoin and cryptocurrency will be the solution.
Inflation is the increase in price of goods and services in an economy and also the decrease in the purchasing power of money or currency, as the united states inflation rate rose more and is getting closer to the 30 years high, as stated by the United States Labor Department report this October, and also FED's Chairman Jerome Powell had commented about the inflation rate in the country some time this past, saying that "it could continue up till next year 2022." Which led to a tweet by the CEO of both Twitter and Square.
Jack Dorsey who is also a Bitcoin advocate, recently posted this tweet saying "Hyperinflation is going to change everything. It’s happening."
Hyperinflation is a term used when inflation rates exceed 50%. This is typically caused by rapid growth of the supply of paper money. According to ScienceDirecr
So his tweet had a lot of responses but am going to focus on two:
Michael Saylor, Microstrategy CEO had this to say "Inflation is the problem. #bitcoin is the solution." Twitter
Nigerian businessman and crypto enthusiast Tayo Oviosu, replied saying "Yup...we live with this built in our mental models in Nigeria...inflation is currently 16%", Jack responded saying "It will happen in the US soon, and so the world."
Twitter
crypto investors and enthusiasts seem not to be bother about the inflation rate going up because they see Bitcoin and cryptocurrencies as a hedge against inflation, Satoshi Nakamoto has given the world a path way to finance freedom.
To conclude, JPMorgan an American multinational investment bank and financial services holding company, some time in the past said this:
“institutional investors appear to be returning to Bitcoin” because they see it as a better inflation hedge than gold.
Posted Using LeoFinance Beta
