According to a Morgan Stanley executive, Bitcoin is the ‘Kenny from South Park’ of money. During a discussion at Morningstar’s annual investment conference today, Morgan Stanley’s Dennis Lynch made a lighthearted analogy. He claimed that Bitcoin’s insatiable ability to defy the odds and rise from both technical and fundamental adversity resembles that of the South Park cartoon character Kenny.
The 24-episode sitcom has a global following for its strange and bizarre sense of humour. Which is exemplified by the long-running comedy that Kenny dies in each episode. Only to be reborn and blissfully unconscious of his horrible demise in the next.
Dennis Lynch shared a light-hearted analogy
Lynch, the head of asset management business Counterpoint — a Morgan Stanley affiliate — and a big fan of the show, voiced his conviction in Bitcoin’s long-term viability since its start over a decade ago. Bitcoin has established itself as a well widely recognized modern payment method. As well as a store of value in the mainstream market after enduring and surviving multiple bearish cycles.
Microstrategy, Tesla, and Galaxy Digital Holdings have all publicly disclosed multibillion-dollar investments in the asset. With the latter claiming a staggering $5.3 billion.
“I like to say that bitcoin is kind of like Kenny from South Park. He dies every episode, and then comes back,” Lynch said in his Kenny-inspired speech.
Bitcoin (BTC) has dropped 14.04% this week. As a result of yet another Chinese crackdown on cryptocurrencies, according to technical data.
A new effort to prevent bitcoin adoption in China was announced
The People’s Bank of China (PBoC) revealed a new strategy this week to prevent cryptocurrency adoption in China. To successfully prohibit crypto-related activities, legal and governmental departments will work to strengthen coordination and communication practices.
However, according to Lynch, Bitcoin already exhibits some of the same antifragile characteristics as huge tech monopolies, the expanding political establishment, capital-hungry Wall Street financial markets, and the self-rejuvenating Greek legendary monster Hydra.
“I believe (bitcoin) has exhibited some ‘antifragile’ characteristics at this time.”
In his 2012 book, acclaimed author Nassim Nicholas Taleb developed the term antifragile to explain the notion for the antithesis of fragility, in that something that benefits from chaos.
Taleb wrote in the book:”Antifragility is beyond resilience or robustness. The resilient resists shocks and stays the same; the antifragile gets better.”
Bitcoin’s previous all-time high of $20,000 was a well-documented example of this, a seemingly impossible figure during the hard bear market of 2018-19 — notably following the pandemic’s financial meltdown to $4K — but a level that was more than double with $65,000 a year later.