LONDON (AP) — The price of bitcoin hit a new high on Wednesday as investors bet that former President Donald Trump's victory in the U.S. presidential election will be a boon for cryptocurrencies.

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

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

He pledged to make America "the crypto capital of the planet" and create a “strategic reserve” of bitcoin. His campaign accepted donations in cryptocurrency and he courted crypto fans at a bitcoin conference in July. He also launched World Liberty Financial, a new venture with family members to trade cryptocurrencies.

“Bitcoin is the one asset that was always going to soar if Trump returned to the White House," said Russ Mould, investment director at AJ Bell, a British online investment platform. After touching its new high, the market is now speculating about “when, not if, it will smash through $100,000," he said.

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