partner Twitter founder, Jack DorseyOn the subject of spiraling inflation in the United States, he said things would get considerably worse.
“Hyperinflation is going to change everything. It’s happening,” Dorsey wrote on Twitter.
The tweet comes as CPI rises near a 30-year high in the US as concern grows that the problem may be worse than policy makers had anticipated.
In turn, Federal Reserve Chairman Jerome Powell acknowledged that inflation pressures “are likely to continue for a longer period than previously expected,” noting that they may continue “until next year.”
The central bank chief added that he expects the Fed to soon begin to undo the extraordinary measures it introduced to help the economy that critics say has 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 his other company, Square, which operates as a debit and credit card processing platform, is looking into cryptocurrency mining. Square also owns and facilitates trading in bitcoins.
In response to followers’ comments, Dorsey added that he sees the problem of inflation escalating around the world. “It will happen in the US soon, as well as the world,” he wrote on Twitter. Dorsey is currently the CEO of Twitter and Square.
Hyperinflation means rapidly rising prices that can destroy currencies and destroy entire economies.