In today’s big story, we’re looking at how crypto is quietly having a strong year.

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Bitcoin hit a new high for 2023, nearly touching $38,000 at one point on Thursday. It marked the highest price for the cryptocurrency since early May 2022, adding to what has quietly been a strong year for bitcoin, writes Insider’s Phil Rosen.

After a dreadful 2022 culminating in the downfall of FTX and the aforementioned SBF, bitcoin has been on the up. While there was plenty of fallout from FTX’s bankruptcy, the price of bitcoin has steadily climbed this year. Year-to-day, it’s up more than 110%.

If you’re surprised by those numbers, I wouldn’t blame you. The crypto community, or at least what’s left of it, hasn’t been as vocal about its gains this time. It appears the market had its fill of humble pie in 2022 and isn’t looking for more.

It’s not just bitcoin enjoying a bit of a boon. Ether’s price surged after reports circulated about BlackRock filing paperwork in Delaware that indicates plans for an ether ETF.

But the best example of crypto’s comeback might be the U-turn one of its biggest critics just made. Nouriel Roubini — aka “Dr. Doom” — has previously called crypto “totally corrupt” and the “biggest criminal heist in human history.”

Now he wants in.

His asset management firm, Atlas Capital, is launching a blockchain-based stablecoin pegged to “a carefully chosen portfolio of liquid real world assets.”

JPMorgan analysts dismissed bullish arguments for crypto in a note Wednesday, calling the recent rally “rather overdone.” The bank also downplayed the potential for the industry to grow off the back of the SEC approving a bitcoin ETF, suggesting it would mostly be used by players already in the space.

And SEC’s approval of a bitcoin ETF doesn’t translate into Gary Gensler and co. taking a softer approach to crypto, the bank added.

Of course, even JPMorgan has some interest in the space. While not an apples-to-apples comparison, the bank has launched ventures with blockchain technology. It now reportedly handles $1 billion worth of transactions every day via its digital token JPM Coin.

It seems doubtful we’ll ever get back to the days of crypto skyrocketing overnight, but maybe that’s a good thing. Now that it’s dropped its toxic ex, crypto is ready to move on.

Consider this crypto’s growing up era.

🔔 Before the opening bell: US stock futures trade mixed early Friday, after the S&P 500 ended its 8-day win streak Thursday.

2. Inflation isn’t going anywhere, according to Ken Griffin. The billionaire hedge fund manager said the high cost of things won’t abate anytime soon thanks to a trend of deglobalization. As a result, high-interest rates could become the norm as policymakers continue to fight inflation.

3. Goldman Sachs’ top investment ideas for 2024. The bank’s $2.7 trillion asset management arm is bullish on the economy. Strategists see opportunities outside the US in India and Japan but also favor hedging with gold. Check out what else they’re saying.

2. Meta recruiter reveals the top perks that win tech workers over and the ones they don’t seem to care about. She said mental health-support packages are some of the most underused benefits. Meanwhile, relocation assistance and home office funds are among the top 10 perks.

3. “The Slack redesign has ruined my life. Sorry, I can’t work today.” The new look is across mobile and desktop apps. It now looks like a carnival of distraction and chaos — a hideous Grimace-purple rail on the left side that now tracks every “activity.”

2. Peter Thiel says the Trump administration “couldn’t get the most basic pieces of the government to work.” The billionaire has given tens of millions to Republican candidates in recent years. But Thiel said he’s done giving money for the 2024 election cycle.

3. You’re probably not getting a big raise this year — don’t worry, it’s good for the economy. Wage growth has slowed. And inflation has been cooling. This means workers might finally see their earnings catch up with the big spike in inflation.

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• CHART OF THE DAY: Inflation will hit the Fed’s 2% target by April and keep falling, analyst says.

• Grammy Awards nominations are announced today. They’ll be livestreamed, starting at 10:45 a.m. ET.
• Happy birthday, Diplo — Where Are Ü Now? Microsoft’s Windows was also released on this day (40 years ago).
• Earnings today: Soho House, Hudson Global, and other companies.

• From Monday: This Grammy winner’s creative agency unveiled a “dumb” phone for sale.
• From Tuesday: Significant updates were announced for this high-profile chatbot.
• From Wednesday: What former US president shared his most-used apps?
• From Thursday: According to leaked numbers, what is Google’s fastest-growing product?
• From Friday: Prices for this food recently hit record highs as a result of a megadrought.

Dan DeFrancesco, senior editor and anchor, in New York City. Diamond Naga Siu, senior reporter, in San Diego. Hallam Bullock, editor, in London. Lisa Ryan, executive editor, in New York.

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