Bitcoin soars to all-time high of $3000

The world's most widely used cryptocurrency bitcoin soared in Asian trade to reach $3000 on several exchanges, as trading picked up steam in India.

In India, young adults aged 18 to 35 have jumped on the bitcoin bandwagon with a hope of gaining lucrative returns, an India Economic Times article read. Even though the currency remains under scrutiny by the government, a flood of positive news in the bitcoin ecosystem, including Japan's acceptance of the currency and its ever-climbing price point.

Bitcoin's price increased in a day from $2600 to $3000 and the increased volatility is very lucrative for speculative investors. What may look like a bubble is probably just a sign of the currency gaining in popularity, according to a Russian think tank.