LONDON (AP) — Bitcoin price hit a new high on Wednesday as investors bet on former President Donald Trump's victory in 2020 US presidential election will be a boon for cryptocurrencies.

Bitcoin rose nearly 8% in early trading to a record $75,345.00 before falling back to around $73,500.00.

Trump was previously a crypto skeptic but changed his mind and took one favorable view of cryptocurrencies before the election.

He promised to make America the “…” Cryptocapital of the planet” and create a “strategic reserve” of Bitcoin. His campaign accepted cryptocurrency donations and he wooed crypto fans at a Bitcoin conference in July. He also founded World Liberty Financial, a new venture with family members to trade cryptocurrencies.

“Bitcoin is the one asset that was always going to rise if Trump returned to the White House,” said Russ Mold, investment director at AJ Bell, a British online investment platform. After hitting its new high, the market is now speculating “when, not if, it will break $100,000,” he said.

“Trump has already declared his love for digital currency and crypto traders now have a new narrative to get even more excited about where the price could go,” Mold said.