‘I told you so’

Like many of the investors who stuck with cryptocurrency (funny money or scam cash to skeptics), hedge fund manager and former Trump acolyte Anthony Scaramucci was basking in an “I-told-you-so” glow on Thursday. Scaramucci is one of the true believers who appears to have, thanks to Bitcoin’s ascendance, emerged triumphant from Wall Street’s wilderness. The digital asset breached six figures Wednesday, representing not only a galactic gain from the 5 cents it fetched 15 years ago, but (adherents would contend) acceptance. No longer is this internet money considered by polite society little more than a plaything or Ponzi scheme. With the ostensible embrace by Donald Trump and some $108 billion directly tracking it in exchange-traded funds, Bitcoin has arguably crossed the chasm into something resembling legitimacy. “We are witnessing a paradigm shift,” said Mike Novogratz, founder and chief executive of Galaxy Digital. “After four years of political purgatory, Bitcoin and the entire digital-asset ecosystem are on the brink of entering the financial mainstream.” As for Scaramucci, famous for being hired and fired by the president-elect, he joked that he owes his ex-boss a Christmas present as a token of thanks. “Like a gift card to McDonald’s,” he said. —David E. Rovella

What You Need to Know Today

Trump has promised, among other things, to impose 10% tariffs on all imports from China as soon as he takes office next month. But that might be difficult to achieve. The reason is that tens of billions of dollars worth of goods will probably scoot right past those import taxes thanks to loopholes and undercounting. In recent years, some experts have pointed out a widening gap between US and Chinese trade data that they believe is driven by several factors: they include the underreporting of the value of Chinese goods by US importers eager to (you guessed it) reduce the cost of tariffs (which they and American consumers ultimately pay) and over-reporting by Chinese exporters eager to maximize tax rebates.

Senate Republican Joni Ernst, a combat veteran and rape survivor influential with GOP colleagues on military matters, pointedly declined to support Pete Hegseth’s embattled defense secretary nomination, calling for further investigation of allegations against him. Her comments, a day after a private meeting with Hegseth, show Trump’s choice of the cable television host to be in deep trouble. More allegations of sexual misconduct, alcohol abuse and mismanagement of two veterans organizations are surfacing regarding Hegseth. The rising storm of criticism makes it more likely he will be the third Trump pick to drop out in what’s been a tumultuous series of nominations. But it looks like Trump may have moved on anyway.

The number of millionaire 401(k) accounts at Fidelity Investments rose 9.5% to a record in the third quarter. Accounts with less lofty balances also rose to their highest average levels since Fidelity began tracking them in 1999. With most Americans badly underprepared for what could be 30 years or more in retirement, the gains are good news. The bad? More than 40% of full-time workers don’t have access to workplace retirement savings plans in the first place, and nearly 50% of workers don’t get matching contributions from employers.

A federal judge rejected Boeing’s plea deal that sought to let the troubled planemaker avoid criminal prosecution over two fatal 737 Max crashes, in a surprise twist that threatens to prolong the company’s ongoing crises. US District Judge Reed O’Connor sided with family members of the hundreds of people killed during the crashes, who urged him to reject the agreement. But the reasoning the judge chose might come as a surprise to some.

The New York Police Department released new photos that showed the face of the man wanted in connection with the fatal shooting of insurance chief Brian Thompson, as the search for his killer entered a second day. Police appealed to the public for help in identifying the suspect, offering $10,000 for tips. Scrambling to make progress, the NYPD is said to have executed a search warrant on a youth hostel Wednesday, but came up empty. Though the shell casings of the bullets used in the shooting carried a message. Meanwhile, police in suburban Minneapolis are investigating fake bomb threats reported on Wednesday night at Thompson’s home, and at another on a nearby street where his wife lives.

Far-right powerbroker Marine Le Pen contends France can overcome government collapse to deliver a budget in “a matter of weeks,” so long as the next prime minister is prepared to narrow the deficit more slowly. She spoke just hours after voting to topple the government of Michel Barnier by backing a no-confidence motion over the 2025 budget plans. Barnier formally resigned on Thursday, leaving President Emmanuel Macron in a very tough spot.

The largest intergenerational wealth transfer in US history is about to take place— moving about 80% of the wealth held today, though the vast majority of Americans are unlikely to inherit much money at all. About $105 trillion is projected to be passed down from older generations over the next quarter century, an amount roughly equal to global gross domestic product in 2023. Yet even as the assets of millions of aging Americans are passed on, the share of the US population that will benefit from inherited money has remained static, a sign of how accumulating family wealth has become more concentrated among the most affluent households.

What You’ll Need to Know Tomorrow

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