Wall Street Breakfast El Salvador bitcoin Utopia hits IMF snag
Dec 19, 2024
El Salvador is making waves with its Bitcoin policy, planning to sell the Chivo wallet while keeping Bitcoin as legal tender. Meanwhile, the U.S. economy shows signs of growth with a revised GDP estimate and fewer jobless claims. Tech giant Micron faces challenges, impacting market trends. Investment insights reveal UBS' top stock picks for the future and the health sector grapples with FDA decisions affecting companies like HIMSS Her Health.
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El Salvador and Bitcoin
- El Salvador will scale back its Bitcoin policies as part of a new IMF loan deal.
- Businesses can voluntarily accept Bitcoin, but taxes must be paid in US dollars.
US GDP Growth
- The US GDP for Q3 2024 was revised higher to 3.1%, up from the previous estimate of 2.8%.
- Consumer spending and exports drove this growth, offsetting a decrease in private inventory investments.
Micron's Performance
- Micron Technology's stock declined due to weaker-than-expected revenue in its PC and consumer business.
- Their data center and high-bandwidth memory business, driven by AI, remains strong.