from Hacker News

Interesting Comment by Bank of America's CEO Brian Moynihan

by stevenj on 12/21/17, 11:59 PM with 3 comments

He said: "Of the $53 billion in expenses we'll have next year, $5 [billion] will be to move coin, currency, and checks around the system."

Source at 1:41 [Video]: https://www.bloomberg.com/news/videos/2017-12-21/bofa-ceo-on-bitcoin-is-anonymous-currency-wanted-video

  • by AnimalMuppet on 12/22/17, 1:09 AM

    I knew a guy who was a pilot. His job was, literally, to fly checks around the country. A plane full of checks is a lot of money - enough money that a day's interest on it is more than the cost of using the plane to fly checks.

    But this was maybe 10 years ago. At the time he said that his job was going to go away in a year or two because the banks were going to electronic settlement.

  • by Top19 on 12/22/17, 12:44 AM

    Seems like that’s appropriate for a bank. Anyone else care to comment or share context?

  • by matt_the_bass on 12/22/17, 1:37 AM

    Value to weight ratio must make coin super expensive.