Jack Dorsey, CEO of Twitter and the co-founder and CEO of Square, speaks during the Bitcoin 2021 Convention at the Mana Convention Center in Miami, Florida, on June 4, 2021.
Marco Bello | AFP | Getty Images
Twitter founder Jack Dorsey has shared the topic of spiraling inflation in the US, saying things are only going to get much worse.
“Hyperinflation will change everything,” Dorsey wrote on Twitter Friday night. “It happens.”
The tweet comes with consumer price inflation surging near a 30-year high in the US with growing concern that the problem could be worse than policy makers had anticipated.
On Friday, Federal Reserve Chairman Jerome Powell acknowledged that inflation pressures are “likely to persist for longer than previously expected,” noting that they may continue “well into next year.” The central bank chief added that he expects the Fed to soon begin to roll back the extraordinary measures it introduced to help the economy that critics say have fueled inflation.
In addition to overseeing a social media platform with 206 million daily active users, Dorsey is a staunch advocate of bitcoin. He said Square, the debit and credit card processing platform Dorsey co-founded, is looking into cryptocurrency mining. Square also owns some bitcoin and makes it easy to trade in.
In response to user feedback, Dorsey added on Friday that he sees the problem of inflation rising around the world. “It’s going to happen in the US soon, as well as the world,” he wrote on Twitter. Dorsey is currently the CEO of Twitter and Square.
Calling for faster inflation is one thing, but it may be surprising to some that Dorsey used the word hyperinflation, a condition of rapid price appreciation that can destroy currencies and destroy entire economies.
Billionaire investor Paul Tudor Jones and others have called for a period of high inflation. Jones told CNBC earlier in the week that he owns some bitcoin and considers it a good way to hedge against inflation.
“There is clearly a place for cryptocurrencies. He is clearly winning the race against gold at the moment,” Jones said on Wednesday.
But most major investors have not gone so far as to call for hyperinflation like Dorsey.