Pass it forward

New York( CNN Business) Bitcoin merely surged past $8,000 on Tuesday, thumping its highest celebrate since last July. It diminished off slightly by mid-afternoon, but is still trading at its highest level in nearly a year.

Bullish experts say the strong showing could signal that bitcoin has a future as a laudable financing possibility. But the currency’s volatile and contentious biography has inspired abundance of skepticism.

Bitcoin has typically been regarded as risky, said Dan Held, co-founder of Interchange, a company that cautions organizations on how to manage their crypto resources. But he said the currency’s resurgence might be the first inkling that it regards weight as a “risk off” trade — an investment treated as a safer gambling when sells are hectic, like ligaments or gold. After all, the money skyrocketed in importance Monday when the Dow submerge 617 moments, perhaps suggesting that investors turned to bitcoin as a safe haven asset.