It’s happening! But when will we stop printing money?
This is a really great question. It’s incredibly difficult to predict this, especially across numerous global markets and various forms of currency, but it’s definitely moving in that direction.
One possibility could be a catastrophic event or economic depression that drives the value of standard currency towards zero, causing most of it to be funneled into channels where it could end up being burned by the truckload or locked away in some repository under the false hope that it might be worth something again someday.
Another possibility is that it will be slowly collected and destroyed by the Fed and the FDIC-backed banks across the US in addition to similar banking system configurations around the world. If one nation went down this path, it’s possible that others would begin following suit immediately.
In addition to the inevitable end-of-the-road for physical cash, the fiat currency systems which back it might also become obsolete, leading to more open and/or globally distributed financial systems which might be backed by some precious metal or other resource, or some other invention which hasn’t been actualized yet.
However, I do think that gold, silver, and other precious materials may retain value beyond the collapse of the fiat system, as would any other item that can be bartered such as tools, materials, food, and the like. So who knows what will come into effect once the current system has bit the dust once and for all.
When everyone is wearing a virtual reality headset.
You’re probably right on the money with this!
I can’t help but to think of the obesity scene right out of Wall-E, where physical movement becomes minimal. Therefore a mouse click is quicker than handing over cash for any transaction.