LONDON (AP) 鈥 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 of cryptocurrencies ahead of the election.
He pledged to make America "the of the planet" and create a 鈥渟trategic reserve鈥 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 with family members to trade cryptocurrencies.
鈥淏itcoin 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 鈥渨hen, not if, it will smash through $100,000," he said.
鈥淭rump 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,鈥 Mould said.
