This trend also highlights the glaring need for an asset bereft of the ability to tax your hard earned money in an attempt to make up for a string of terrible monetary policy blunders. An asset like Bitcoin.
Here's a fascinating trend that caught me off guard recently, there are currently more $100 bills in circulation than $1 bills. As our friend Tuur points out, the number of $100 notes in circulation has more than doubled since 2008. While we can only speculate as to why this is happening, it would seem as though more people are turning to cold hard cash to store their wealth instead of putting it in the banking system. If this is, in fact, the reason behind the surge in the number of $100 notes, it may serve as a very interesting confidence indicator gauging the public's overall confidence in the financial system.
As the real threat of negative interest rate policies looms across the world people may be beginning to hedge their bets by stacking cash, which can't be taxed directly via NIRP. This trend also highlights the glaring need for an asset bereft of the ability to tax your hard earned money in an attempt to make up for a string of terrible monetary policy blunders. An asset like Bitcoin.
It will be interesting to see how this trend continues as we move closer to NIRP in this country in particular. Will Bitcoin enter people's consciousness earnestly enough to become a palatable alternative when weighing the options of where to store one's money? Will BTC begin to be adopted by people who are more prone to sit on cash? Will we transition from stacking bills to #stackingsats? These are some of the questions that sit inside my dome.
I had the pleasure of sitting down with Jack Dorsey, CEO of Twitter and Square, last Friday in San Francisco to discuss Bitcoin and a range of other topics. It was a quick 30-minutes, but I feel like we covered a lot. This was a surreal experience for your boy. As you freaks know, I'm a huge fan of Twitter and Bitcoin, so being able to sit down with the man responsible for the former who is trying to help the latter succeed was an experience I will never forget.
Hope youfreaks like it! If you do, be sure to share it far and wide.
Michael Jackson, WHAT THE FUCK?!