Twitter and Square CEO Jack Dorsey Sees Hyperinflation Coming Soon
Posted on 10/23/2021
Inflation is the rate of increase in prices over a given period of time. As inflation runs rampant throughout the United States and developed world, consumers are feeling the pain as their fiat currencies purchase less goods. A big hop in consumer prices in September 2021 sent inflation up 5.4% from where it was a year ago, matching the biggest bump since 2008. More than 70% of the categories in the consumer price index (CPI) were up year-over-year versus only 7% showing a decrease. Food and energy are big drivers of inflation, a measure discounted by central bank policymakers and many economists, yet critically important for the populace. Even worse, taxpayers may be hit under automatic annual adjustments to tax provisions such as the standard deduction for U.S. income taxes.
On October 22, 2021, Twitter and Square CEO Jack Dorsey tweeted, “Hyperinflation is going to change everything. It’s happening.”
Dorsey is a proponent of Bitcoin adoption.
Walmart
The spare change machine known as the Coinstar kiosk will allow people to use its kiosks to buy bitcoin through a collaboration with Coinme, a crypto wallet company that provides bitcoin ATMs. Coinstar kiosks are located in stores like Walmart.
Bitcoin Futures ETF
The ProShares Bitcoin Strategy ETF (ticker BITO) accumulated more than US$ 1 billion in assets in just days. Days after the Valkyrie Bitcoin Strategy ETF (ticker BTF) debuted Friday with 3.1 million shares changing investor hands.
Venezuela’s Hyperinflation Problem Impacting Fuel Consumption
Venezuela President Nicolas Maduro’s government is imposing a 20-fold increase in subsidized gasoline prices starting Sunday, according to a statement from state oil company PDVSA. This is due to the re-denomination of the local currency. The price hike coming after the Venezuelan government created a a new currency, the digital bolivar, which slashed six zeros (000,000) off the former currency on October 1, 2021. This is the second increase in subsidized fuel prices since June 2020.
