Technology itself is deflationary, Diginex CEO says

Over the years, technology has improved by leaps and bounds, therefore making life more cost-effective and efficient.

Such technological improvements may not save citizens money as intended, due to inflationary efforts, according to Diginex CEO Richard Byworth.

"Technology is just so deflationary on many of our goods and services," Byworth told Cointelegraph in an interview.

Byworth remembers buying music albums on CDs decades ago, which sold for 16 pounds each, valued at approximately $25 in U.S. dollar terms at the time.

In the years following the 2008 financial crisis, Byworth explained he entered the crypto space looking to protect his capital against inflation.

"It's gotten to a point of being frightening," Byworth said.

Byworth mentioned the U.S. Federal Reserve looks at CPI when determining inflationary targets.

These rising prices stem from the aspects Byworth mentioned regarding currency devaluation.

"The U.S. government has a gigantic amount of debt, so if the money is worthless, then the debt is worthless," Byworth said.

The Diginex CEO explained this as rationale for the rising stock market in 2020, also giving a hat tip to Bitcoin as an option.