To Go Cashless Or Not

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To Go Cashless Or Not
Brett_Hondow / Pixabay

Just this week a turn of events took place in the long debate over cashless transactional business models. First, Mercedes Benz Stadium, home of the Atlanta Falcons, announced that it is turning to a fully cashless transaction model. Stadium officials feel this will further their business at concession stands throughout the stadium, and allow the high demand of food and drink to be met in game breaks. On the other hand, the mayor of Philadelphia, Jim Kenney, signed off on new legislation that bans most retail companies from refusing to take cash.

In the case of Mercedes Benz Stadium, owners feel that going cashless will make the experience better for fans. They won’t have to wait in long lines or miss plays since there won’t be any need for counting change. All purchases will be made with a quick swipe.

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Mayor Jim Kenney says businesses need to accept cash because people of lower income, or poverty level, do not always have access to bank accounts that give them debit or credit cards.

The issue for people of lower income living in a cashless retail world needs to be solved, and Bitcoin is the solution. Bitcoin can be purchased with cash at Bitcoin ATMs around Philadelphia currently. They are not regulated by banks, so it gives this form of online payment to people who can’t open a bank account. The rise of businesses going cashless may lead to more poverty level people adopting the use of Bitcoin.

Sean Keefe, Managing Partner of Straight Up Capital, believes that cashless businesses can lead to the rise of Bitcoin.

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Jacob Wolinsky is the founder of ValueWalk.com, a popular value investing and hedge fund focused investment website. Jacob worked as an equity analyst first at a micro-cap focused private equity firm, followed by a stint at a smid cap focused research shop. Jacob lives with his wife and four kids in Passaic NJ. - Email: jacob(at)valuewalk.com - Twitter username: JacobWolinsky - Full Disclosure: I do not purchase any equities anymore to avoid even the appearance of a conflict of interest and because at times I may receive grey areas of insider information. I have a few existing holdings from years ago, but I have sold off most of the equities and now only purchase mutual funds and some ETFs. I also own a few grams of Gold and Silver
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