This is a very interesting topic for the

banks as well because let's be very

clear, all these financial institutions

do a bunch of different services for

you. They do make a lot of money on the

cash. Banks, you put money in a checking

account, they lend it out. They keep the

spread. Same thing, there's some lazy

cash. Remember there are 4 trillion

dollars sitting in checking accounts,

bank accounts in the United States

earning zero. And then there's a whole

another couple of trillion earning a

little bit.

So at first glance, you could isolate

the money that they make on the cash and

say that's all their profitability. And

in some cases it is.

Except let's be very clear, you don't

just go to a great bank like JP Morgan

just to park your cash.

There's a lot of branches, you get

convenience, you get safety, you get

cyber security that goes with it. You

get investments, you get research, you

get all kinds of things. So certain

business models are set up to be able to

defend and make money other ways if cash

gets more efficient

the way Ken just described. And some

models are less so.