The CEO of Twitter and a mobile company Square, Jack Dorsey took Twitter to make people aware that “hyperinflation” is likely to hit the United States. On 23 October 2021, he tweeted that the chances of hyperinflation hitting the US are higher and it will change everything. The original tweet by Jack Dorsey reads “Hyperinflation is going to change everything. It’s happening.” He has around 5.8 million followers on Twitter, and he received a lot of questions from the followers regarding the tweet.
As per the tweet, Jack Dorsey brought into light the change in the US and then in the world due to hyperinflation. He mentioned that there will be a rise in the prices of various commodities. He predicted that soon the prices will rise in the US and then globally.
Reason for inflation
There are certain majors which he kept into consideration while making such predictions. As per the sources, the supply chain in the US is greatly disturbed because many people have stocked up numerous products. Do to this reason many retailers and distributors are not able to meet the general demand of the public. The Los Angeles port has been hit hard by the supply chain crisis, as you can witness ship traffic at the port.
Last month, there has been an inflation of 0.4% as revealed by Consumer Price Index. The tension of hyperinflation made people say “Thank God for Bitcoin”. As the cryptocurrency can be of great use as it is convenient and easy to store.