U.S. hundred-dollar bills in circulation hit an all-time high last year, according to new data from the Federal Reserve.
Demand for high-denomination U.S. bills is not slowing down, despite less demand for cash in general.
Growth in U.S. bills between $1 and $20 was much weaker at about 2.6 percent growth year over year. That slowed from 3.6 percent a year earlier. The weaker demand for small currency is likely due to a rise in mobile payments. Nicholas Colas, co-founder of DataTrek Research who has been tracking $100 currency boom for about a decade, said he was expecting it to slow slightly. That has yet to happen and as he pointed out, we're approaching the point where every human being on the planet could have to one hundred dollar bills in their pocket.
Some economists have called for the abolition of high-denomination bills. Lawrence Summers, former Treasury secretary and director of the National Economic Council in the White House, wrote an op-ed in The Washington Post in 2016, citing its potential for crime.
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