Just because someone doesn’t participate in the stock market doesn’t mean they’re “cash holders for life” - people do participate in real estate and accrue other assets. I would be stunned if those 48% of people were just stuffing cash in couch cushions. Not to mention why would we exclude 401(k)s?
57% of Americans don’t have a spare $500. [1] This sounds a suspicious amount like 48% + 5%. Give or take. The un-banked aren’t unbanked because bank accounts are inaccessible. They’ve got nothing to put in them.
They’re not “lifelong cash holders” they’re broke. Cash non-holders if you will.
So basically anyone with money invests it, and most people are hand-to-mouth broke.
What exactly are they saving or investing? This is a fundamental social policy issue and not something you’re going to solve with blockchain magic.
[1] https://www.cbsnews.com/news/most-americans-cant-afford-a-50...