By Peder Østbye (Norges Bank)
Bitcoin and many other cryptocurrencies have currency-caps implemented in their protocols. Bitcoin is capped at approximately 21 million bitcoins. These protocols are complied with by consenting operators. This paper discusses whether such currency-caps are illegal quantity-fixing conspiracies in violation of antitrust law. It is found that there is a present antitrust risk for cryptocurrency operators. This may render such operators subject to criminal and civil liabilities.
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