Crypto assets rose as investors bet that a second Trump administration will widen fiscal deficits and boost bitcoin as a hedge against higher inflation.

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.

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%.