Good morning. The Bitcoin frenzy seems to know no bounds. Elon Musk is headed to Washington to talk about cuts to the budget. And it’s time to stockpile bubbly. Listen to the day’s top stories.

Bitcoin hit six digits for the first time, propelled by Donald Trump’s pick of crypto proponent Paul Atkins to replace Gary Gensler as head of the Securities and Exchange Commission. The crypto darling’s market value is now just shy of $2 trillion, larger than all but a handful of public companies. One clear winner: MicroStrategy's Bitcoin-fueled 500% rally this year has made it Wall Street's hottest trade.

Elon Musk heads to the Capitol today to stoke congressional enthusiasm for his ambitious effort to slash the federal budget. Musk and his partner in the initiative Vivek Ramaswamy plan to meet with groups of lawmakers, followed by a session all Republican House members have been invited to. A reminder of what’s at stake: Musk’s target to cut $2 trillion exceeds the amount Congress spends annually on government agency operations, including defense.

This image provided by the NYPD shows the suspect sought in the the killing of UnitedHealth CEO Brian Thompson outside a Manhattan hotel on Dec. 4. Source: NYPD

The suspect in the killing of UnitedHealthcare CEO Brian Thompson remained at large as a manhunt continued across New York. The killing turned the company’s investor day from an ordinary corporate meeting to a scene of stunned grief and has turned a spotlight onto executive security.

More Trump picks. Billy Long was tapped for IRS commissioner, enlisting a Republican who served in Congress for an administration aiming to renew and expand a tax cut package. Fiserv’s Frank Bisignano was chosen to head the Social Security Administration. The incoming president’s allies criticized a deal to extend  hybrid work options for some federal staff until 2029, saying it undermines return-to-office efforts.

US executives turned significantly more optimistic about the economy and prospects for their own businesses after Trump’s election win, with finance chiefs and other leaders expecting stronger growth in 2025, two surveys showed. Business leaders said they plan to spend more on expanding their businesses, and also indicated an improved outlook for hiring compared to the period before the election.

The Big Take

Deep Dive: Crypto Scams

The Burj Khalifa stands above other skyscrapers on Dubai’s skyline. Photographer: Christopher Pike/Bloomberg

While Bitcoin enthusiasts celebrate the price action, Dubai has become a leading home for a strain of crypto scamming that’s gone relatively unnoticed in the shadow of the scandals at FTX and Binance.

• This wave of companies isn’t just misusing customer money, like Sam Bankman-Fried, or violating anti-money-laundering laws, like Changpeng Zhao, according to US and international authorities. 
• The Dubai-based firms allegedly sucker investors into handing them money for digital coins the companies can either easily manipulate or simply never create. They develop shiny-looking investment platforms, then promise mouthwatering returns they finance with capital from newer marks, prosecutors say.
• The United Arab Emirates has kept its crypto rules loose, in an effort to position itself as the industry’s global capital. At the same time, the country is trying to tackle illicit flows, helping it to exit a global watchdog’s “gray list” earlier this year.

Opinion

US stocks have dominated for the past 15 years and it’s surprisingly hard to disagree with the idea that the momentum can continue, John Authers writes. But it’s still worth registering what might finally bring American outperformance back to its average.

Before You Go

Bottles of Laurent-Perrier champagne. Photographer: Edward Berthelot/Getty Images

A leetle something special for you, madame. Producers of Cognac and Champagne are seeking to ship more bottles to the US as they brace for potential extra tariffs under the incoming Trump administration. LVMH’s Cognac brand Hennessy and its Champagne label Moët & Chandon are among those said to to have increased consignments. Santé!

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