Existing industries must deal with encroachment by a blockchain-based competitor. We provide an abstract asset-trading model to analyze the competition between the blockchain operated by the distributed ledger system (DLS) and the traditional industry run by a centralized authority. They both...

This paper firstly pursues the fundamental price of Bitcoin in the general equilibrium framework and its empirical characteristics. Our theoretical model predicts that (i) the Bitcoin price and the total hash rate are determined simultaneously in the long-run and (ii) the hash rate of Bitcoin...