LONDON (AP) — The price of bitcoin hit a new high Wednesday as investors bet on former President Donald Trump winning the election. US presidential election will be a boon for cryptocurrencies.

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

Trump was previously a crypto-skeptic, but he changed his mind and made a decision. favorable opinion cryptocurrencies before the elections.

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

“Bitcoin is the only asset that would still rise if Trump returned to the White House,” said Russ Mould, chief investment officer at AJ Bell, a British online investment platform. After reaching its new high, the market is now speculating on “when, not if, it will exceed $100,000,” he said.

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