Digital Assets: Twitter Co-Founder Jack Dorsey Warns Of Hyperinflation

October 25, 2021 | Digital Assets, News
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“It’s happening,” Dorsey tweeted Friday night.

Prices in the U.S. are trending higher, and Jack Dorsey, who heads Twitter (NYSE: TWTR) and Square (NYSE: SQ), warned in a tweet on Friday night of imminent hyperinflation. The term refers to rapid and uncontrolled general price increases, or inflation, measuring more than 50% per month. Dorsey tweeted: “Hyperinflation is going to change everything. It’s happening.” (CNBC)

Dorsey is a crypto aficionado, and a known bitcoin advocate.

“It will happen in the US soon, and so the world,” he tweeted further, in response to user comments.

Though concerns around inflation have been aired more commonly these days, hyperinflation fears have been absent. Debt market traders are raising the bogey of interest rate increases coming earlier than expected as central banks try to combat inflation.

JPMorgan says inflation underpinning rally in bitcoin

A research note last week by JPMorgan Chase analysts attributed the recent rally in bitcoin to a fresh all-time-high to inflation rather than the craze surrounding the launch of the first futures-based bitcoin ETF, the ProShares Bitcoin Strategy ETF (NYSEARCA: BITO).

“We believe the perception of bitcoin as a better inflation hedge than gold is the main reason for the current upswing, triggering a shift away from gold ETFs into bitcoin funds since September,” the analysts commented.

“This flow shift remains intact supporting a bullish outlook for bitcoin into year-end,” they added, commenting also that the hype around BITO would likely fade within a week.

Cathie Wood debunks Dorsey’s hyperinflation fears

Meanwhile, Cathie Wood, tech investor and founder of ARK Invest, issued a series of tweets that rebutted the hyperinflation concerns expressed by Dorsey.

She ascribed current inflationary trends to supply-chain disruptions and said deflationary forces would soon outweigh these price pressures.

These forces were technologically enabled innovation, forced and discounted selling of goods by disrupted businesses, and unwinding of cyclical aberrations triggered by the pandemic.

Related Story: Bitcoin An Insurance Policy Against Inflation [Grayscale Report]

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