Bitcoin's narrative is hard to pin down, but as with early internet stocks, real traction will come in time, cryptocurrency advocate Meltem Demirors told CNBC on Monday.
"New technologies that shift the paradigm take a long time to really understand," Demirors, who acts as chief strategy officer at digital asset manager CoinShares, said on CNBC's "Fast Money."
Despite bitcoin's aspiration to be a safe haven asset, the cryptcurrency has not seen a rally with the stumble of the Turkish lira, which hit a fresh all-time low against the dollar on Monday.
Except for a brief rally in July, bitcoin has been on a near-steady downward slide since briefly topping $19,000 in December. Even the announcement more than a week ago — that the Intercontinental Exchange would help create an open and regulated digital asset ecosystem — brought little movement in bitcoin's price.
Despite that, crypto bulls hailed it as a step toward legitimizing the cryptocurrency. Bitcoin was last down about 0.6 percent at $6,277 on Coinbase.