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.

The price of bitcoin hit a new high Wednesday and crypto-related shares rallied as investors bet that former President Donald Trump's victory in the U.S. presidential election will be a boon for cryptocurrencies.

Bitcoin hit a record high as investors cheered Trump's election victory on Wednesday. Crypto players are hopeful that Trump's presidency will boost digital assets. Other Trump trades, including bank shares and Tesla stock, also rallied in Wednesday trading.

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.