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Good morning.

The value of bitcoin hit a brand new excessive Tuesday morning, rising above $47,000 for the primary time in its historical past. That was pushed by Monday’s revelation that Tesla bought $1.5 billion of the cryptocurrency to carry on its books. As we reported yesterday, Fortune’s Shawn Tully has questions about the wisdom of that purchase. However I’m positive Musk doesn’t thoughts—he’s already made a half billion dollars in unrealized revenue on the purchase. That’s only one extra demonstration of the market energy that made him Fortune’s Businessperson of the Year.

It additionally raises the query: Does Elon Musk reply to anybody? Seems, the reply is sure. Check out the language Tesla utilized in response to the Chinese regulators inquiring about high quality points. In a submitting, the corporate “sincerely accepted the steerage of presidency departments,” and “deeply mirrored on shortcomings.” That’s a far cry from Musk’s belittling the SEC because the “Shortseller Enrichment Fee,” or telling U.S. auto regulators its guidelines are “anachronistic,” or attacking California well being care officers as “unelected and ignorant.” Fairly clear the place the ability lies as of late.

And talking of China, a report from the Peterson Institute of Worldwide Economics finds the commerce settlement it signed a yr in the past with the U.S. turned out to be a flop. The “centerpiece” of the deal was an settlement by China to buy $200 billion extra in U.S. items and providers in 2020 and 2021. However trade-deal-related exports really fell 40% wanting the focused quantities, due partly to COVID-related issues.

Information under.

Alan Murray