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Andy Mukherjee

Cash Is Dying, But We Aren’t Ready to Bury It

Convenience is one thing but consumers are likely to lose government protection if money is suddenly electronic and privatized. 

Cashing out.

Cashing out.

Photographer: Oscar Wong/Moment RF

The demise of cash is near. As consumers, though, we should hope that the end doesn’t arrive too soon.

It isn’t the pandemic that’s putting this popular means of payment out of existence. All that Covid-19 has done is to accelerate a trend that was already with us. When Steve Jobs unveiled the first iPhone in 2007, he began killing the need for banknotes. Autonomous cars, self-ordering refrigerators and our digital avatars in the metaverse will put the final nails in King Cash’s coffin.