Cash usage in the UK fell from 58% of payments in 2009 to just 8% in 2025, yet 94 billion pounds in Bank of England notes remain in public hands. This paradox of banknotes reflects the need for an offline payment method when digital systems fail or banking disruptions occur. The European Central Bank documented surges in cash demand during the 2008 financial crisis, Greece’s sovereign debt crisis, the pandemic, and the Ukraine war, as well as during the April 2025 blackout across Spain and Portugal. Global bar and coin gold demand reached approximately 1,374 tonnes in 2025, up 16% year-on-year and the highest annual total since 2013, reflecting fears tied to geopolitical uncertainty.
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