The long-awaited death of cash may finally be coming

httpNot a pretty chart $ 7626 for 8 minutes | Binary options trading strategy Bitcoin holders. 

Mobile payments adoption in the US has been a lot slower. So far, most Americans, especially older generations, don’t see a need to switch away from cash and cards. That’s why mobile payments today make up only 1 percent of in-store transactions in the country, according to 451 Research.

Still, there are plenty of reasons why cash remains so hard to dethrone. It’s simple, time-tested, doesn’t run out of batteries like your phone and can be the only available currency in a natural disaster when there’s no power.

Bitcoin’s price has dropped over 11% in the past 24 hours, sitting at just over $41,600 at the time of writing. The cryptocurrency came close to falling below $40,000 when it dipped to $40,500 at 5:30 p.m. PT time. It would be the first time Bitcoin’s price dropped below $40,000 since early August. Bitcoin’s all-time high was $64,863, hit on April 14.

“For the past 20 years people have been predicting the death of cash, but I think that’s been overdone,” says Bill Ready, PayPal’s chief operating officer, who helped launch five financial tech startups. “Cash in general will likely die a very slow death.”

If Evergrande defaults, it could have dramatic effect on China’s entire economy, which could in turn affect countries around the globe. The collapse of Evergrande has been likened to the Lehman Brothers bankruptcy that preceded the Global Financial Crisis, though its impact is unlikely to be as fierce. Evergrande’s stock has fallen 85% in the past year, and its offices throughout China have seen protests from aggrieved employees, builders and homeowners.

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The idea that cash would eventually be killed off by cards, mobile payments and e-commerce has been kicking around for decades. But even with all of the new gadgets, apps and services that aim to wean us off bills and coins, roughly 85 percent of the world’s retail transactions still rely on cash. Just 5 percent of Americans surveyed last year by US Bank said they never use cash, putting folks like Anstett in a tiny minority.

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