SAN FRANCISCO–The co-founder and CEO of Twitter is predicting inflation is going to soar way be beyond what many are predicting.
"Hyperinflation is going to change everything," Jack Dorsey tweeted. "It's happening."
As CUToday.info has reported, there has been considerable debate and discussion around where inflation is headed, with consumer price inflation running near a 30-year high. Credit union economists have been weighing in with their own forecasts, while Federal Reserve Chairman Jerome Powell last week acknowledged that inflation pressures "are likely to last longer than previously expected," noting that they could run "well into next year." The Fed has nevertheless continued to say it believes the higher inflation is “transitory” and that ultimately it will revert to lower levels.
Dorsey, however, does not agree. A strong advocate for Bitcoin, Dorsey said that Square, the debit and credit card processing platform he co-founded, is looking at getting into mining the cryptocurrency. Square also owns some Bitcoin and facilitates trading in it, noted CNBC.
Dorsey said he sees the inflation problem escalating around the globe. "It will happen in the U.S. soon, and so the world," he tweeted.