U.S. Cash Is Due for a Major Overhaul
The future of cash is uncertain, with some experts suggesting linking cash to the blockchain and the ongoing debate about whether to stick with paper or move towards more modern solutions.
By Viral Chatter and Martha A. Lavallie
In 2023, the Federal Reserve is shelling out a whopping $931.4 million ¹ on printing bills. That’s a lot of dough for something that’s increasingly looking like a relic in our digital age.
While the rest of the world is moving towards more modern forms of currency like polymer notes and digital transactions, the US seems to be stuck in the past with its paper money.
Cash Usage in the US: A Declining Trend?
Here’s a fun fact: according to the Pew Research Center, about 41% of Americans in 2022 didn’t use cash at all in a typical week ². That’s up from 29% in 2018. It seems like more and more of us are leaving our bills and coins at home.
Despite this, there’s actually more cash floating around than ever before, with a steady increase in circulation each year.
