UK Cash Paradox Highlights Enduring Demand for Permissionless Money

Despite a significant decline in cash usage for daily transactions, the total value of banknotes in circulation in the UK has nearly doubled to approximately 131 billion dollars (£99 billion) since 2009. The Bank of England notes that while cash accounted for only 8% of payments in 2025, the public continues to hoard physical currency as a practical safeguard against digital payment failures, power outages, and banking system disruptions.