Bitcoin edges to $100K

Cyber Snack

Read time: 2 min 38 sec

Bitcoin nears the $100K milestone before slipping back. Trump finalizes his 2024 cabinet, naming Scott Bessent as Treasury Secretary. Elon Musk seeks rewards for backing Trump, while Microsoft faces challenges with its new ‘Recall’ feature.

Let’s dive in.

Top Story

Bitcoin Nears $100K Milestone Before Slump

What’s happening? The U.S. is set to welcome its most pro-crypto administration ever, and as expected, markets reacted swiftly. Bitcoin surged from $70,000 to $99,571 by November 22. However, as of November 24, it has slightly dipped to around $98,000.

Meaning? The Trump administration plans to foster a crypto-friendly environment by aiming to make the U.S. the "crypto capital" through regulatory changes, replacing SEC leader Gary Gensler on ‘day one’, keeping Bitcoin in a national stockpile, opposing CBDCs, and potentially reducing capital gains tax on Bitcoin, all to push innovation and industry growth.

Policy & Power

Trump Finalizes his Cabinet Picks

What’s happening? Trumps pick of longtime ally Brooke Rollins for secretary of agriculture finishes up his cabinet picks. Trump's cabinet is a mix of former hedge fund managers, Fox News hosts, military veterans, and environmental/health advocates, among others. See full list here.

Meaning? Trump's cabinet picks reflect a more loyal and decisive group, as he has repeatedly stated that he made mistakes in 2016 by choosing the wrong people (more established political figures) and is determined to avoid those errors this time. So expect a more focused and intense trump 2.0 administration.

And…

Trump picks Scott Bessent as Treasury sectary

What’s Happening? Donald Trump has nominated hedge fund manager Scott Bessent as Treasury Secretary and Russ Vought to lead the budget office. Their focus is on driving economic growth through tax reforms and strategic tariffs, utilizing Bessent’s financial expertise and Vought’s policy experience.

Meaning? Bessent’s selection highlights Trump’s commitment to domestic economic growth and protectionism. It signals a mix of traditional Republican fiscal strategies with potential innovations in digital finance, aiming to maintain U.S. competitiveness globally.

Business Brief

Musk’s reward: Elon Musk’s $75 million donation to Trump’s campaign and his role in leading the Department of Government Efficiency (DOGE) could benefit his companies, including Tesla and SpaceX. Musk advocates for deregulation and audits of federal agencies, which will likely reduce oversight on projects like self-driving technology and Starship, both of which have faced growing regulatory challenges.

Microsoft has issues with ‘Recall’ feature: After months of delay, Microsoft began testing "Recall," a photographic memory search feature for Copilot+ PCs. Recall captures screenshots of computer activity, allowing users to search for words or images they've encountered. Available on Copilot+ PCs with Qualcomm AI chips, Microsoft delayed the feature's release to address security concerns. However, early tests show it still has some imperfections.

Other Headlines

🤣 ‘It’s happening again’: Joe Rogan asks to take Rachel Maddow's job if Elon Musk buys MSNBC.

🐆 Jaguar's Rebirth: Jaguar urges customers to "trust" its bold new direction as the brand teases its most significant rebrand in over a century.

👀 Musk vs Bezos: Elon Musk alleged that Jeff Bezos may have encouraged others to sell Tesla and SpaceX stock after the elections, a claim Bezos strongly denied.

💬 TikTok curiosity: TikTok CEO reaching out to Elon Musk for information on Trump.

💰 Debugging Paychecks: A Stanford researcher finds that 1 in nearly 10 software engineers are ghosts, essentially getting paid to do no work at all.

🧑‍⚖️ Trump hush money sentencing delayed indefinitely: A New York judge indefinitely postponed President-elect Donald Trump’s sentencing in his criminal hush money case.

⚠️ US debt hits $36 trillion: About 1 in 5 dollars the government spends repays investors for borrowed money.

🍔 Menu shakeup: McDonald’s is giving its menu the biggest shakeup in years.

🥊 Growing competition for OpenAI: Amazon to invest another $4 billion in Anthropic, OpenAI’s biggest rival.

Thanks for reading.

Until next time!

Thomas & the ONUE team 🚀