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

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