Morgan Stanley exec says Bitcoin is the ‘Kenny from South Park’ of cash
Morgan Stanley’s Dennis Lynch shared a light-hearted analogy throughout a dialogue at Morningstar’s yearly funding convention right this moment, claiming that Bitcoin’s insatiable capacity to defy the percentages and rise from each technical and elementary adversity portrays that of the South Park cartoon character Kenny.
The 24-series present has garnered a worldwide viewers base for its bizarre and wacky sense of humour, epitomised by the long-standing gag that Kenny dies in every episode, solely to be rebirthed and gleefully unaware of his brutal demise within the following present.
Head of asset administration agency Counterpoint — a Morgan Stanley subsidiary — and eager advocate of the present, Lynch, expressed his perception within the resilience of main cryptocurrency asset Bitcoin since inception over a decade in the past.
After experiencing and surviving quite a few bearish cycles, Bitcoin has established itself as a extensively recognised and revered fashionable cost methodology and retailer of worth within the mainstream market.
Major firms akin to Microstrategy, Tesla, and Galaxy Digital Holdings have all publicly revealed billion greenback investments within the asset, the latter now reporting an immense $5.3 billion.
In his Kenny-inspired speech, Lynch said:
“I like to say that bitcoin’s kind of like Kenny from South Park – he dies every episode, and is back again.”
Technical data from Cointelegraph Markets reveals that Bitcoin (BTC) has fallen 14.04% across the week in the wake of yet another Chinese crackdown on cryptos.
The People’s Bank of China, or PBoC, this week announced a fresh strategy to combat cryptocurrency adoption in the country. Legal and governmental departments will strive to improve coordination and communication practises to effectively suppress crypto-related activities.
However, according to Lynch, Bitcoin already possesses some of the same antifragile traits — witnessed in the monopoly of big-tech firms, burgeoning political establishment, capital-hungry Wall Street financial markets and the self-rejuvenating Greek mythological monster Hydra — to counter this.
“I feel (bitcoin) demonstrates some ‘antifragile’ qualities throughout this time period.”
The time period antifragile was coined by esteemed creator Nassim Nicholas Taleb in his 2012 e-book to specific the definition for the alternative of fragility, in that one thing that features from dysfunction.
In the e-book, Taleb wrote:
”Antifragility is beyond resilience or robustness. The resilient resists shocks and stays the same; the antifragile gets better.”
A well-documented example of this was Bitcoin’s previous all-time high of $20,000, a seemingly insurmountable figure during the harsh bear market of 2018-19 — and especially following the pandemic’s financial crash to $4K — but a level that one year on was more than tripled with $65,000.