The Death of Cash as a Vehicle for Saving

Goaded by the Federal Reserve’s zero interest rate policy, one could foresee a future proliferation of competing investment funds that would bring highly stable asset mixes at low cost to the financial marketplace. Beyond that, one could even imagine some similar vehicle — once investors have established a market for it — supplanting traditional cash as a medium of exchange as well. Though quite different from Bitcoin, it could serve the same purpose: an irrepressible form of private money.

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