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

This episode is sponsored by Crypto.com, Nexo.io and this week's special product launch, Allnodes.

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

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