The price of bitcoin is up over 250% since last year, but acceptance of the cryptocurrency as a form of payment among top merchants has declined. A research note out Wednesday by a group of analysts at Morgan Stanley led by James E Faucette said “bitcoin acceptance is virtually zero and shrinking,” despite its impressive appreciation. According to the bank, last year bitcoin was accepted at five of of the top 500 online merchants. Today, only three of the top 500 merchants accept bitcoin as a form of payment. “The disparity between virtually no merchant acceptance and bitcoin’s rapid appreciation is striking,” the analysts wrote. The investment bank outlined three reasons for the decline in bitcoin acceptance among merchants. The first reason has to do with t
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