With bitcoin breaking new record highs seemingly every day, one technology entrepreneur believes that paying with cash is coming to an end - and right quick. During an interview with CNBC, the founder of the Sohn Conference Foundation, Evan Sohn described a future where restaurants will no longer allow patrons to pay with physical notes.
Across the world, cash-less payment options have become dime a dozen. According to the 2017 World Payments Report, transaction volumes have grown by 11.2% between 2014 and 2015, reaching $433.1 billion. As reported, the most popular way to pay has been through debit cards. However, Sohn believes that in the future, businesses might opt to force consumers to download apps for payments instead:
"How far are we from a restaurant that says we only take online payment? If you eat here, you have to download this application and we only take electronic payment, no cash here, no check. I don't think we are that far away from it."
Even though Sohn couldn't say with certainty which of these payment methods would come out on top, be it bitcoin or the traditional debit/credit card, he did say with confidence that "the next step is moving away from paper-based currencies".
Bitcoin recently smashed through a high of $10,000 before slipping back down to around $9,200 spurring fears of a bubble. Several detractors have expressed concern about the digital currency, including the chief strategist at Deutsche Bank. However, it would seem that nothing - so far - has been able to stop the largest cryptocurrency in its quest to conquer the world.