A new study, “Governance, Economic Freedom, and Bitcoin Pricing in Diverse Regulatory Environments: Cross-Country Evidence from Bitcoin Markets,” by Ayrin Sultana of Hajee Mohammad Danesh Science and Technology University, Motahar Hossain of Khwaja Yunus Ali University, Monowar Uddin Talukdar and Reday Chandra Bhowmik of the University of Brahmanbaria, Rony Masud of Rikkyo University, and Rejaul Karim of Varendra University, examines how political institutions and regulatory environments shape Bitcoin pricing across countries.
The results point to real cross-country segmentation. Where institutions are weaker, Bitcoin markets show wider spreads and sharper local deviations from global benchmarks.
This study matters because it shows Bitcoin is still sensitive to local frictions. The global
market exists, but national institutions still mediate how prices form.