6 August 2026
Why Aren't Crypto Proponents Crying Out For Cashless Societies?
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Despite having been in existence for a relatively short amount of time, Cryptocurrencies have fallen foul to their fair amount of big conspiracy myths already, especially since the pandemic shook spending as we knew it. Bitcoin price explosions that rose to all-time heights of $38,000 at the start of the pandemic have especially led to conspiracy theories that Covid is little more than an attempt of Bitcoin proponents and governments to finally herald in a cashless society.
Moves by many retailers to steer clear of cash even once the risk of contamination was debunked have added fuel to this fire, as have El Salvador's recent moves to pass legislation allowing the use of Bitcoin in all transactions.
In reality, though, much like the idea that 5G caused the pandemic, there's simply no evidence or even logic to suggest that Crypto-based pushes for cashless-ness are realistic. In fact, a little research is enough to prove that most Crypto proponents would actively rally against a cashless society overall. And, we're going to consider just three of the most obvious reasons why.
Transition periods are paramount to profitability
Market volatility, peak worth, and the need to approach cryptocurrency with long games in mind mean that proponents still very much see this as an investment opportunity rather than a come-and-go currency. Certainly, investors who felt the benefits of Crypto at its best would be reluctant to spend their earnings here on a take-out from the local pizzeria. Obviously, the profitability of Cryptocurrencies would change somewhat if they were poised as a replacement for cash, but this is, logically, the last thing that people who have already invested large amounts here want.
Many Cryptocurrencies aren't necessarily 'cashless'
While we're all making moves to keep money in the bank or find out where to sell coins before they become null and void, it's also worth remembering that Cryptocurrencies aren't necessarily cashless in many cases. Many individuals also prefer to convert their Cryptocurrencies into tangible, recognizable tokens. In this sense, you could say that Cryptocurrency is no more technically cashless than the difference between cash in your wallet or money in your bank. And, for the individuals who do like their Crypto in a physical format, or who have already made moves to make this so, cashless society spells just as dire consequences as it does for everyone else.
Cash isn't the problem
Most Crypto proponents are also actively trying to avoid the control of currencies in central banks, rather than currencies themselves. As such, it makes no sense that those same advocates would want to put these alternative currencies directly in the hands of their enemies. In fact, the easy traceability of all digital transactions if Crypto did replace cash means that, far from conspiring with banks, the vast majority of Cryptocurrency proponents would much rather that things stayed exactly as they are.
Conspiracies are a natural response to misunderstanding, but the simple fact is that Crypto proponents have more incentive than anyone to keep cash flowing freely, and to protect their sometimes costly investments as a result.
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