The CEO of Twitter Inc (NYSE: TWTR), Jack Dorsey, has predicted hyperinflation for the U.S and the rest of the world. The warnings come after top companies such as Appliance King Whirlpool and Chipotle Mexican Grill, Inc. (NYSE: CMG) raise their prices. Other companies have also announced they will be increasing their product prices.
Supply chain problems have caused inflation
The Federal Reserve Chair, Jerome Powell, has added that the current inflation could go on longer than initially expected. Furthermore, Janet Yellen, the Treasury Secretary, made comments on CNN that the inflation could last until the second half of 2022. They both blame the COVID-19 pandemic, which has led to supply chain issues, for the inflation in the U.S.
Hyperinflation generally occurs when prices increase by over 50% in a month. While the U.S has only recorded a 5.4% increase, many argue that the economy is still displaying signs of inflation, such as the inability to meet demands by consumers and the printing of money by the U.S treasury to settle debts.
If the country continues on its current trend, hyperinflation could occur. However, the Biden Administration has started a task force called, Supply Chain Disruptions Task Force which has called for the most critical supply ports to remain open 24/7.
Dorsey has also appeared to mock Mark Zuckerberg’s announcement on the metaverse. He responded to the report by giving the original definition of metaverse as a virtual corporate-owned world where end-users lived in a dystopian dictatorship.
Twitter details plan to develop a tab to show NFT collections
Twitter has also announced that it is developing a tab that shows NFT collections belonging to its users. The project began in September and has tried to give users the ability to connect to their crypto wallets from sites such as Metamask and Coinbase. However, not all users are happy with the move, with some saying that the company should focus on problems such as curbing misinformation.
In more positive news, a Twitter user has received donations from other users after saying she needed items for her new home. The user, who was recently homeless, expressed her joy at finding a place to live. Twitter users flocked to encourage and congratulate her while others gave her cash and gift card donations.