The Case for a 21 Million Bitcoin Conspiracy

Abstract

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.

Keywords: antitrust law, competition law, cryptocurrencies, fintech, monetary theory

JEL Classification: K21, K22, E42, E51