After his recent statements concerning the state of inflation in the world, and possibly the US, Jack Dorsey is under fire from other Twitter users who refused to accept this ideology.
Every pot, however, has its lid, as Nigerian businessman Tayo Oviosu replied to the Twitter CEO’s post with words of support, claiming that inflation in his country has reached a record high of 16% and that the US should be one to worry.
The numbers do paint the picture to be that way as the consumer index has steadily been rising by 5.4% each year allowing the money piles to increase exponentially.
The Wall Street Journal reported that the volume of money held by the public had increased by over 36% since last year, reaching record highs that haven’t been recorded in the past 80 years.
The tweet, as earlier mentioned did have a fair share of its opponents, one of them being MSNBC host Chris Hayes, who blamed Dorsey’s opinion on the matter on his involvement with cryptocurrency.
He went on to compare hyperinflation-related topics to a recent scandal where many were fooled into thinking a horse parasite removal medicine, Ivermectin, was a viable treatment for covid-19.
Many media outlets have since scrutinized these ideas, strongly advising against the usage of Ivermectin in human medication, and even dubbing the medicine itself „horse-paste“
The possible effects of hyperinflation
Back on the topic of hyperinflation, others continued to disprove the social media giant’s statements, calling him out of touch with reality and how money works.
Many have even vocalized their opinions that Dorsey should stay out of politics and stick to what he does best instead.
Hyperinflation was always a sensitive topic on Twitter, as only last July, a video posted by US minority leader Kevin McCarthy was flagged as sensitive content, removing the video for many to see.
McCarthy went on to criticize Biden’s and Pelosi’s policies regarding the matter, focusing a lot of blame on them.
The video depicted a mother struggling to perform all her daily duties, listing the rising costs of necessities such as diapers, sugar, flour, and coffee.
The Biden administration has since tried to downplay the rising prices, urging the public that the inflation is simply „transitory”.
Other media outlets joined in trying to settle the crowd, assuring that the fears are exaggerated and stimulus-led.
Cryptocurrency is considered to be a hedge against inflation as it is decentralized and its value isn’t vulnerable to government spending and the growth of money piles.
Bitcoin supporter Balaji Srinivasan warned that if inflation continues down this path, Twitter should be ready to fact-check its government.