According to Twitter’s CEO, hyperinflation is imminent and will “alter everything.” He predicted that the impending hyperinflation will start in the United States and then spread to the rest of the globe. Dorsey expressed his thoughts on the present economic situation in the United States in a tweet.
Since the pandemic-caused worldwide lockdown last year, the US government has continuously manufactured paper money to assist civilians in surviving the health catastrophe. Dorsey’s tweet on how hyperinflation is affecting the market has received hundreds of likes, retweets, and comments.
When one of the comments advised the Twitter CEO to be careful what he “wishes” for. “Not a desire,” Dorsey said in response. He also said that he does not believe that probable inflation is “at all beneficial.”
In response to Dorsey, Schiff said that Bitcoin is not a solution in the event of hyperinflation. As per the Bitcoin critic, only “actual assets” would be able to live the era. He went on to say that gold is a genuine asset, while Bitcoin is not.
“Really don’t anticipate Bitcoin to provide any protection from it [hyperinflation].” Real assets are required to defend oneself against hyperinflation. “Gold is OK, but Bitcoin is not.”
Another Twitter user said that Bitcoin is getting more legitimate. The commentator said that Bitcoin had just eclipsed the Swiss Franc in market worth and predicted that it will soon eclipse the Brazilian real.
Schiff went on to say that Bitcoin is not a solution to hyperinflation: “Bitcoin is a fictitious asset. Kids may have imaginary buddies. It’s the same idea, just with grownups.”
Dorsey was also addressed by MicroStrategy CEO Michael Saylor, a renowned Bitcoin enthusiast. Unlike Schiff, Saylor believes that Bitcoin is the answer to the issue of inflation. MicroStrategy has around 114,042 Bitcoin as of October 15th. The business intelligence firm began accumulating Bitcoin in August 2020 and has steadily increased its holdings of the cryptocurrency.
MicroStrategy bought 21,454 BTC for a total of $250 million in its first acquisition. Saylor reported last month that the corporation had purchased an extra 5050 Bitcoin for around $242.9 million in cash.
Notably, this was not the firm’s sole Bitcoin acquisition in the third quarter. MicroStrategy bought a total of 8,957 BTC worth about $419.9 million in the third quarter of 2021. The corporation is still optimistic on BTC and has no intentions to sell any of its Bitcoin assets. Bitcoin has risen 3.28% in the previous 24 hours to $62,786. The cryptocurrency’s market value has also increased by more than 3%.
Hyperinflation is going to change everything. It’s happening.
— jack⚡️ (@jack) October 23, 2021
Not a wish. Nor do I think it’s positive at all.
— jack⚡️ (@jack) October 23, 2021
Just don’t expect to find any refuge from it in #Bitcoin. To protect yourself from #hyperinflation you’ll need to own real assets. #Gold qualifies, but Bitcoin does not.
— Peter Schiff (@PeterSchiff) October 24, 2021