As for your friend, it's a real bummer, he or she should ask first on any the visa office first before doing such stuff, s/he would have save time if that's what s/he did.
Guys, let's be honest, what bummer? If his friend had a million dollars in the stock market it would have been the same thing, an embassy can't accept that as proof of funds because if there is any kind of emergency he needs to have money immediately available and money accepted by everyone. Cryptocurrencies are not accepted by everyone therefore he can't use them to pay. There are many cases where we can actually complain about the governments being against bitcoin but is not one of those.