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

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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 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

STORY CONTINUES BELOW

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CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.