Stocks face tough competition as the worn-out 'cash is trash' meme no longer applies, Wall Street analyst Jim Bianco says

• The US stock market faces competition from traditional savings accounts, according to Wall Street analyst Jim Bianco. 
• "Cash is no longer trash. That was a two-decade old meme that doesn't apply," the Bianco Research president said. 
• He said higher interest rates are likely to suck money out of stock markets, making equities a less attractive investment. 

Cash is looking increasingly attractive as an investment option as the Federal Reserve jacks up interest rates further, according to Wall Street analyst Jim Bianco. 

"Cash is no longer trash. That was a two-decade old meme that doesn't apply," the Bianco Research president said in a CNBC interview on Wednesday.