So Much for a Cashless Society: Currency Is Popular Again, Especially the $100 Bill
28th October 2019
People in many of the world’s most advanced nations — including the United States, the euro area and Japan — are holding more of it than ever.
In the U.S., for example, currency in circulation stood at an estimated $1.76 trillion as of late September, according to the Federal Reserve. That’s about 8.2% of gross domestic product, up from just 5.6% before the 2008 financial crisis and close to the highest level in at least 36 years.?
If people need less cash to pay for stuff, why do they want to hold so much of it? The answer, it seems, is that they’re turning to currency as a store of value.
Of course, the $100 bill is also the most frequently counterfeited. Just sayin’.