Twitter co-founder Jack Dorsey has spoken out about the country’s increasing inflation, predicting that things will become much worse in the United States and the rest of the world.

“Hyperinflation is going to change everything, It’s happening.” Dorsey tweeted Friday night.

The comment comes as consumer price inflation in the United States approaches a 30-year high, raising concerns that the situation may be worse than officials predicted.

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On Friday, Federal Reserve Chairman Jerome Powell admitted that inflationary pressures “are likely to endure longer than originally anticipated,” speculating that they may last “well into next year.” The Fed chairman also stated that he expects the Fed to begin reducing the extraordinary measures it has used to aid the economy, which critics believe has fueled the inflationary spiral.

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Dorsey is a major supporter of bitcoin in addition to leading a social media company with 206 million active daily users. Square, the debit and credit card processing company that Dorsey co-founded, is considering going into cryptocurrency mining, according to him. Square also owns bitcoin and supports its trade.

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In response to user comments, Dorsey said on Friday that he believes the global inflation problem is worsening. “It will happen in the US shortly, and so will the rest of the globe,” he tweeted. Dorsey presently serves as the CEO of both Twitter and Square.

Hyperinflation is often extremely high and hastens inflation. According to The Economist, researchers have verified 57 occurrences of hyperinflation as of 2018, with the earliest known episode happening between 1795 and 1796 in post-revolutionary France.

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Some economists and writers have predicted hyperinflation in the United States as early as March 2021, when the economy began to recover from an artificially depressed year caused by lockdowns and massive restrictions during the coronavirus pandemic – policies that officials began to reverse as vaccines became more widely available.