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The bitcoin price bubble burst at the start of this year when it continued a downward slide from its all-time December high.

Cryptocurrency advocate Meltem Demirors, who is Coinshares’ chief strategy officer, said the bitcoin bubble may have popped but the real traction for the cryptocurrency will come in time.

Speaking on CNBC, Ms Demirors said: “I think the hard part about bitcoin is the narrative around bitcoin is still really hard to grasp and I think the crypto community is really struggling with narrative right now.”

She added: “If we look at Amazon, Amazon at its peak took nine years to recover from peak, troff, back to peak. So you had to be in Amazon for nine years to recover your value. If we look at Intel, 15 years. Microsoft, 17 years.