Morgan Stanley’s Dennis Lynch shared a light analogy during a discussion at Morningstar’s annual investment conference today, saying that Bitcoin’s insatiable ability to defy odds and overcome technical and fundamental adversity portrays that of South Park cartoon character Kenny.
The Series 24 show gathered a global audience base for its weird and wacky sense of humor, embodied in the long-standing gag that Kenny dies in every episode, only to be reborn and gleefully oblivious to his abrupt demise in the next show.
The head of asset management firm Counterpoint – a subsidiary of Morgan Stanley – and staunch supporter of the show, Lynch, has expressed his belief in the resilience of the core cryptocurrency asset Bitcoin since its inception more than 20 years ago. ten years.
After experiencing and surviving many bear cycles, Bitcoin has established itself as a widely recognized and respected modern payment method and store of value in the mainstream market.
Large companies such as Microstrategy, Tesla and Galaxy Digital Holdings have all publicly revealed $ 1 billion in investments in the asset, with the latter now bringing in a massive $ 5.3 billion.
In her Kenny-inspired speech, Lynch said:
“I like to say that Bitcoin is a lot like Kenny from South Park – he dies with every episode and is back.”
Technical data from TUSEN Markets reveals that Bitcoin (BTC) fell 14.04% during the week following another Chinese crackdown on cryptos.
The People’s Bank of China, or PBoC, this week announced a new strategy to combat the adoption of cryptocurrency in the country. Legal and government departments will strive to improve coordination and communication practices in order to effectively suppress crypto-related activities.
However, according to Lynch, Bitcoin already possesses some of the same antifragile traits – as evidenced by the monopoly of big tech companies, the burgeoning political establishment, the capital-hungry Wall Street financial markets and the Greek mythological monster Hydra – to counteract it. that. .
“I think (bitcoin) shows some ‘anti-fragile’ qualities during this time.”
The term antifragile was coined by famous author Nassim Nicholas Taleb in his 2012 book to express the definition of the opposite of fragility, in that something that gets messy.
In the book, Taleb wrote:
“Antifragility is beyond resilience or toughness. Resilient resists shock and stays the same; antifragile improves.”
A well-documented example of this was Bitcoin’s previous record high of $ 20,000, a seemingly insurmountable figure during the harsh bear market of 2018-19 – and especially after the financial crash of the $ 4,000 pandemic – but a level that a year later was more than tripled with $ 65,000.