NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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A Model of Cryptocurrencies

Michael Sockin, Wei Xiong

NBER Working Paper No. 26816
Issued in March 2020

---- Acknowledgments ----

We thank An Yan for a comment that led to this paper, and Will Cong, Haoxiang Zhu, Aleh Tsyvinski, and seminar participants at ITAM, NBER Asset Pricing Meeting, NBER Summer Institute, Tsinghua, UBC, UNC, and Yale for helpful comments. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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