THE POLITICAL ECONOMY OF BITCOIN
研究了比特币与官方货币共存的条件，以及政府如何通过交易政策抑制比特币使用，发现若部分用户因匹配过程偏好比特币，政策将更难实施。
The recent proliferation of bitcoin has been a boon for users but might pose problems for governments. Indeed, some governments have already taken steps to ban or discourage the use of bitcoin. In a model with endogenous matching and random consumption preferences, we find multiple monetary equilibria including one in which bitcoin coexists with official currency. We then identify the conditions under which government transactions policy might deter the use of bitcoin. We show that such a policy becomes more difficult if some users strictly prefer bitcoin because they can avoid other users holding the official currency in the matching process.