Why a $631B Asset Manager Just Changed Its Mind on Bitcoin

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In a research note intended for clients, investing giant AllianceBernstein says it changed its mind on bitcoin’s role in asset allocation.

Today on the Brief:

  • Libra is now “Diem”
  • Christine Lagarde comes down on private stablecoins
  • Dow closes its best month in 33 years

Our main discussion: AllianceBernstein changes its mind. 

Yesterday, CoinDesk received access to a private client research report from AllianceBernstein, a global investment giant with more than $631 billion in assets.

In this episode of the Breakdown, NLW reads excerpts from the memo and discusses:

  • Why, in discussing supply, it conflates bitcoin (BTC, -3.75%) and other cryptos but still finds limited supply “for all practical purposes”
  • Why prevailing macro political conditions – particularly the growth of government’s role in business and individual lives – shifted the investment firm’s calculus
  • Why its greatest long-term concern is government banning something that is actively hindering the application of monetary policy
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