Bitcoins drop nearly 50pc in three months - Why?

``Jerry Brito, the executive director of industry-backed think tank Coin Center, said he believes the downward trend in bitcoin may actually be related to its rising popularity among merchants in recent months... ``As bitcoin merchant adoption grows, there is increasing sell pressure in the market," Brito says. "Because there are not yet very good hedging instruments for bitcoin, merchants that accept bitcoin for payment will immediately sell, so as to not be exposed to any volatility."''