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Hyperinflation will soon strike the United States and the rest of the world, according to Twitter’s CEO

Jack Dorsey, the CEO of Twitter and Square, has warned that hyperinflation is on the way in the United States and around the world.

His tweet was swamped with responses. It has received more than 7K comments and has been liked 70.1K times and retweeted 22.9K times at the time of writing. Dorsey noted in a follow-up tweet:

The Twitter CEO’s statement came as consumer price inflation in the United States approached a 30-year high, raising fears that the crisis could be worse than officials anticipated. Moreover, chairman of the Federal Reserve, Jerome Powell, admitted on Friday that inflationary pressures are likely to endure longer than originally anticipated, may be well into next year.

Many individuals, however, disagreed with the Twitter CEO’s prediction that hyperinflation would occur in the United States. Patrick Horan, program manager for monetary policy at George Mason University’s Mercatus Center, stated:

“In the United States, hyperinflation is not happening.”

Steve Hanke, a bitcoin critic who claims to be an authority on inflation and hyperinflation, has this to say:

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.

While many users on Twitter disagreed with Hanke’s statement, Dorsey merely responded with an emoji of “rolling on the floor laughing.”

“Thank God for bitcoin,” other users tweeted in response to Dorsey’s warning, stressing that BTC will inevitably become the world’s reserve currency.

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