Wall Street AllianceBernstein Admits: "Changed My Mind About Bitcoin"

90% of the world’s wealth is inherited and not created. For all the stories about Bill Gates, Mark Zuckerberg and Elon Musk, most of the world’s capital is still handed down from father to children upon the passing of the older generation. That wealth is still being managed by some of the most important “wealth management firms,” companies you’ve never heard of before.

Should the currency lose pressure, #Bitcoin masks will drop from the overhead area. Please place the mask over your own mouth and nose before assisting others.https://t.co/QLtXG0rRC5

— Michael Saylor (@michael_saylor) December 1, 2020

One of those is AllianceBernstein. They sit in brand new skyscrapers in the world’s biggest cities and every few months have meetings with the world’s richest people to advice them how to invest their portfolio.

It’s starting to turn into a stampede for #Bitcoin.

Bernstein suggests a 1.5-10% allocation for #btc. Huge.

Respected Wall St equity research house changes mind.

Hard for asset allocaters not to pay attention to drumbeat of positives from institutions.https://t.co/qW0TlGGDXT

— Dan Tapiero (@DTAPCAP) December 1, 2020

In all this company, which has some 3,000 employees and is quoted on the New York stock exchange (XNYS:AB) has a lot of clout in the world of finance, but most people don’t know who they are, and that’s just how they want it in fact.

AllianceBernstein Portfolio strategy

Now, Bernstein Research’s co-head of portfolio strategy, a man named Inigo Fraser-Jenkins, is one of those people who meets a lot of the ultra rich for such meetings every few days. And thus when he admits to having ‘changed his mind’ about Bitcoin, that is a very bullish sign.

BERNSTEIN U-TURN on BITCOIN - Portfolio Strategy: Cryptocurrencies in asset allocation - I have changed my mind!
I have changed my mind about bitcoin’s role in asset allocation. In Jan 2018 we declared that it had no such role. But actually, maybe we have to admit it does.

— David Quinn (@DavidQu48152603) November 30, 2020

In a research note sent to customers, Mr Fraser-Jenkins said:

I have changed my mind about bitcoin’s role in asset allocation.

The greater role that governments will likely play in economies makes cryptos potentially more appealing. These very same forces also may hinder crypto. If they get in the way of policy implementation, then governments might seek to constrain them,

However, the company also noted a word of warning, stating:

The attractions of cryptos are what also make them potentially an annoyance for policymakers. Cryptos do have a place in asset allocation….for as long as they are legal!