The price of bitcoin hit its highest level since early April this week, amid reports that concerned Greek investors were flocking to the digital currency.



Bitcoin has enjoyed a solid week of gains, rising around 5 percent since Monday, according to industry website Coindesk.



The decentralized digital currency is seen as having the potential to circumvent any capital controls that may be imposed in Greece, as the country edges closer to an important repayment deadline amid fears that the country could default on its debt.



Garrick Hileman, an economic historian at the London School of Economics, told CNBC that some Greeks did appear to be moving funds into bitcoin.



"(This is) in response to the possibility of capital controls, which would likely follow if Greece crashes out of the euro," he said.



Some in the industry are even likening it to bitcoin's mega-rally of April 2013, which occurred when capital controls were imposed in Cyprus as part of its international bailout.



However, experts are divided over whether Cyprus was the real driver behind the price increases, and some suggested that increased media attention -- especially in China -- was the real reason behind the rise.



Hileman warned that as the Cypriot crisis abated, bitcoin's price plummeted – which could explain the more cautious move in bitcoin's price in response to the ongoing Greek developments.