Twitter (NYSE:TWTR) Chief Executive Officer (CEO) Jack Dorsey has warned that hyperinflation is coming to the U.S. and global economies.
"Hyperinflation is going to change everything," Dorsey tweeted. "It’s happening."
The tweet comes with consumer price inflation running near a 30-year high in the U.S. and growing concerns that the problem could be worse than policymakers have anticipated.
On Friday, Federal Reserve Chairman Jerome Powell acknowledged that inflation pressures "are likely to last longer than previously expected," noting that they could run "well into next year."
The U.S. central bank head added that he expects the Fed soon to begin pulling back on the measures it has provided to help the economy that critics say have stoked the current rise in inflation.
In addition to overseeing a social media platform that has 206 million daily active users, Dorsey is a strong cryptocurrency advocate. He has said that Square, the debit and credit card processing platform that he also co-founded, is looking at getting into Bitcoin mining.
Dorsey tweeted that he sees the inflation problem escalating around the globe. “It (hyperinflation) will happen in the U.S. soon, and so the world,” he wrote on Twitter.
Dorsey is currently the CEO of both Twitter and Square (NYSE:SQ).
Hyperinflation describes rapid, excessive, and out-of-control general price increases in an economy, typically measuring more than 50% per month.
