The price of bitcoin has suffered recently, with a dip to $200 from $300 since the turn of the year. It was also given the rather dubious title of the "worst investment of 2014" by some news organizations with prices starting 2014 at over $800.

Wences Casares, the founder and CEO of California-based bitcoin services firm Xapo, believes that like the rise of the Internet, it was only a matter of time before the cryptocurrency got it's foot in the door at Davos.

"It's gold 2.0...it's substantially better than gold," He told CNBC on the outskirts of this year's event. His company is banked in Switzerland and provides storage services for bitcoin users. It's not the first time he's been to the event, but the first as a representative of a bitcoin-related company.

Rather than trying to gain more investment, Casares is in Davos to spread the word of bitcoin or "evangelize," as he put it. Casares believes that in 10 years' time, traditional banks will look more like multi-function telecoms firms and believes that bitcoin will form part of that transformation.

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Bitcoin among the world's elite