More famous for being a renegade alternative to a world currency, bitcoin has managed to find a more prominent role among the global elite at the World Economic Forum in Davos.

The Alpine resort plays host to a slew of policymakers, economists and central bankers every year. Topics usually include global growth, inequality and climate change but the nascent industry of digital currencies has managed to eke out a place on this year's agenda.

"From bucks to bitcoins," is the title of the seminar due at Davos on Friday afternoon. It explores how the mainstreaming of digital finance could disrupt financial services and transform consumer behavior. This is a far cry from last year, when the most notable mention of the cryptocurrrency was when it was openly criticized by Treasury Secretary Jack Lew and JPMorgan Chairman and CEO Jamie Dimon on CNBC. Bitcoin is a "virtual" currency that allows users to exchange online credits for goods and services. While there is no central bank that issues them, bitcoins can be created online by using a computer to complete difficult tasks, a process known as mining. The digital currency is renowned for its volatility and with its ability to keep users anonymous it has been heavily criticized for facilitating illegal activity.

A shuttle stop in Davos, Switzerland as the the 2015 WEF kicks off. David A. Grogan | CNBC

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.