Posted 11 months ago | by Ben Armstrong

Australians Use Digital Payments and Horde Cash as COVID-19 Madness Bites

According to recent reports, Australians are opting for cashless payments while they horde physical cash. The seemingly contradictory reports come from Square, and electronic payment services company, and the Reserve Bank of Australia (RBA).

The RBA told the government that it has seen demand for cash rise by AUD $11 billion since February of this year, which is a substantial rise given the movement to using digital payment systems.

It should come as no surprise to anyone that cash be being targeted in the COVID-19 cross-hairs, as many think that it could help to spread the virus.

Sadly, the solution that is being proposed by many governments is a rise in digital payment systems that they can control, which only furthers the power of the bureaucrats that created this mess to begin with.

Cryptos Keep Them Honest

Some people are wondering why global governments are maintaining the pandemic policies in the face of facts. One fact is that despite international travel bans, the number of cases in many nations just keeps going up.

Cash or no cash, the draconian solutions to what is being called COVID-19 has stalled the world's economy for going on six months, which has put billions into dire economic straits.

Governments and central banks can print all the money they want, but with little in the way of economic output – and an scared population – the outlook for what all that easy money will buy is distinctively dark.

The solution, of course, is money that can't be controlled by governments and central banks, but that is a hard sell in a world of people that expect governments to fix everything – while they engage in ideological combat with their neighbors – which is a damn hard business to create value in!

The Economy is Bigger than any Government

Sadly for today's crop of bureaucrats, memories of bloody revolution are something that simply doesn't exist. The Sword of Damocles has been replaced by a disco ball – and a pile of white EZmoney powder on the mirror in front of them.

The citizens of Australia that are hording cash are on to something – but it is the wrong asset. The current deflationary state is only being held in place by a depressed economy, and the small surplus of everyday goods that keeps the angry mobs out of the street on a permanent basis.

That surplus isn't going to last much longer – as there is a real need for things like food. China is facing massive crop losses, and the outlook for 2021 is growing blacker by the day. It is probably time to horde a few things – but fiat currency isn't one of them.

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About Ben Armstrong

ef4f73e9ddeb61becab57469962fa946?s=90&d=blank&r=g Australians Use Digital Payments and Horde Cash as COVID-19 Madness BitesBen Armstrong is a YouTuber, podcaster, crypto enthusiast, & creator of BitBoyCrypto.com. Better known as BitBoy Crypto, he works hard to educate and inform the crypto community.

Ben has been involved with the world of cryptocurrency since 2012 when he first invested in Bitcoin. He used Charlie Shrem's BitInstant & lost Bitcoin in the Mt. Gox hack.

In 2018, Ben decided to go "full-time crypto" and focus all of his time and energy into expanding the reach of crypto.

If you have any questions or comments please feel free to email him at BitBoy@BitBoyCrypto.com or contact him on Twitter @BitBoy_Crypto.