Jack Dorsey Warned About Inflation, and Michael Saylor Saw Salvation in Bitcoin

Jack Dorsey pointed to signs of approaching hyperinflation that “will change everything around.” He predicted that it would soon manifest itself in the United States, then in the world.

That reading may have followed the latest statements by the Fed Chair Jerome Powell.

The official had previously noted the temporary nature of inflation but highlighted worsening supply-chain problems, which increased his concern about inflation. Powell warned that he and his colleagues would monitor rising inflation expectations among corporations and households.

In September 2021, investors gave slightly lower odds that the first tightening of monetary policy would take place at the December 14 meeting.

In October, JPMorgan analysts called inflation concerns the main driver of the current Bitcoin rally.

In response to Dorsey’s tweet, gold-bull and crypto-skeptic Peter Schiff urged people to focus on real assets such as the premier precious metal as a store of value. He rejected the idea of seeking salvation in Bitcoin.

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

MicroStrategy CEO Michael Saylor expressed confidence that the inflation problem would be solved by investing in Bitcoin.

‘Inflation is the problem. #Bitcoin is the solution.’ — Microstrategy CEO pic.twitter.com/VZjXauLRjq

— Bitcoin Magazine (@BitcoinMagazine) October 24, 2021

Earlier, Paul Tudor Jones, founder of Tudor Investment, called Bitcoin a hedge against inflation. The billionaire reaffirmed his view, noting that Bitcoin currently clearly outperforms gold in this regard.

Carl Icahn, founder of Icahn Enterprises, also assessed Bitcoin’s hedging properties against inflation.

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