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Twitter co-founder Jack Dorsey said Friday that the things will soon get considerably worse when he wrote on his Twitter account that an escalation in prices “will soon happen in the US and also in the world” .
“Hyperinflation is going to change everything,” Dorsey tweeted, adding: “It’s happening”.
It will happen in the US soon, and so the world.
– jack⚡️ (@jack) October 23, 2021
Jerome Powell, the chairman of the Federal Reserve (Fed), also acknowledged on Friday that inflationary pressures “ could last longer than that was expected “, since they will last until next year, which is why he anticipated that the Fed will soon begin to take extraordinary measures to help the economy.
Dorsey, who is a strong proponent of bitcoin, said Square, the credit and debit card processing platform of which he is a co-founder , is studying the possibility of getting into bitcoin mining .
Given the comments of the users of the social media platform, Dorsey, added that the inflation problem will intensify around the world and will soon occur in the United States .
In September Twitter activated the option to ask for tips in Bitcoin through its application, which makes it in the first major social network to promote the use of cryptocurrency as a payment method .
The word used by the Twitter co-founder “hyperinflation” surprised several of the users as it refers to a condition in which prices of goods and services grow so fast that it can ruin currencies and bring down entire economies .
Hyperinflation is usually very high and accelerated inflation. Researchers have documented 57 cases of hyperinflation up to 2018 , and the first recorded episode occurred between 1795 and in post-revolutionary France, according to the magazine The Economist .
Followers of bitcoin have pointed out that the cryptocurrency could represent a form of hedging against a new price increase in the economy of the United States and any other country.
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