The bank estimates that a reset on crypto in the U.S. will quadruple the market’s value in short order, with Bitcoin spiking to $200,000.

Bitcoin surged to a record of more than $75,000, as cryptocurrency investors celebrated President-elect Donald J. Trump’s prospects after his decisive win on Wednesday.

Donald Trump's return to the White House is seen as a positive development for crypto regulation and the potential development of a strategic bitcoin stockpile.

Bitcoin jumped nearly 8% in early trading, climbing above $75,000 and smashing its previous record set in March. Other cryptocurrencies also soared, including ether, the world’s second most popular cryptocurrency after bitcoin, which rallied 8%.

Trump’s current stance on crypto is a major departure from his last term as president. In the summer of 2019, Trump criticized cryptocurrency on social media, claiming it could be used to facilitate illegal activities. And during his presidency, the Trump administration’s regulatory actions included the SEC’s controversial lawsuit against Ripple.