Jack Dorsey’s Tweet On Hyperinflation Divides Opinions: Is BTC The Solution?
Jack Dorsey the CEO of Twitter and Square took it to his social media platform to warn about hyperinflation soon happening in the U.S. and elsewhere in the world. Though, many people seemed to disagree with him.
The CEO of Twitter and Square Inc., Jack Dorsey, tweeted a warning about hyperinflation in the U.S. He wrote:
“Hyperinflation is going to change everything. It’s happening.”
Hyperinflation is going to change everything. It’s happening.
In the U.S. the current consumer price inflation is running near a 30-year high and there are increasing concerns that the problem could be worse than what policymakers led on. Federal Reserve Chairman Jerome Powell acknowledged Friday that inflation pressures “are likely to last longer than previously expected,” and could run “well into next year.”
Many people seemed to disagree with Dorsey comments, however.
Patrick Horan, program manager for Monetary Policy at the Mercatus Center at George Mason University, said:
“In the United States, hyperinflation is not happening.”
His colleague, Lawrence White, professor of economics at the same university, also replied:
“What’s happening is higher inflation, not hyperinflation (except in Venezuela). It’s too bad that Twitter doesn’t allow Jack to edit his tweet.”
Daniel Drezner, professor at Tufts University’s Fletcher School, wrote:
“I lived through actual hyperinflation in Ukraine in the early 1990s. This ain’t it mate.”
Economist Steve Hanke, a bitcoin skeptic who thinks himself as an expert on inflation and hyperinflation, said:
“There have been 62 certified hyperinflations in world history. At present, no country is experiencing hyperinflation. Jack should know better than to tweet irresponsible public statements.”
Many disagreed with Hanke’s statement, but Dorsey simply replied “rolling on the floor laughing” emoji.
Alex Gladstein, chief strategy officer at the Human Rights Foundation, commented on Dorsey’s hyperinflation tweet:
“Those shocked by this tweet live in a bubble of financial privilege. 1.3 billion live under double, triple, or quadruple-digit inflation: Turkey, Nigeria, Ethiopia, Iran, Lebanon, Venezuela, Cuba, Sudan, and beyond. It’s already one of the world’s biggest humanitarian crises.”
Michael Saylor: ‘Inflation is the problem. Bitcoin is the solution’
MicroStrategy CEO, Michael Saylor, tweeted, ‘Inflation is the problem. Bitcoin is the solution’.
Similarly how Twitter crypto space reacted to this and Dorsey’s tweet, the entire crypto market also has varied opinions and take on this matter. More so, this argument says that the central bank money-printing will soon lead to inflation or might decrease in value as time goes on.
