Sep 25, 2021 12:23 UTC
Sep 25, 2021 at 12:23 UTC
Morgan Stanley Investment Management’s Dennis Lynch, says that bitcoin’s resilience is like Kenny from the famous TV series South Park. In almost each episode, Kenny died however invariably came back, a bit like however bitcoin bounces back on every occasion once a bear market.
Bitcoin is comparable to Kenny in South Park, Says Morgan Stanley’s Executive
Morgan Stanley’s Dennis Lynch talked concerning bitcoin’s resilience at Morningstar’s annual investment conference Thursday. Lynch is head of the Counterpoint international team at Morgan Stanley Investment Management, the bank’s asset management arm. He joined Morgan Stanley in 1998 and has 27 years of investment expertise. The Morgan Stanley Counterpoint international team “invests primarily in established and rising corporations globally,” the firm’s web site describes.
Lynch compared the cryptocurrency’s ability to recover and restore from bear markets and big sell-offs to Kenny, a personality from the famous TV cartoon series South Park, stating:
“I like to mention that bitcoin’s quite like Kenny from South Park — he dies each episode, and is back again.
The South Park show follows the stories of 4 boys: Stan Marsh, Kyle Broflovski, Eric Broflovski, and Kenny McCormick. Throughout the show’s initial 5 seasons, Kenny died in nearly each episode before returning within the next with little-to-no definitive rationalization given.
The Morgan Stanley Executive aforesaid that like Kenny of the Comedy Central franchise, bitcoin simply keeps returning.
According to “Bitcoin Obituaries” by 99 Bitcoin, BTC has died 430 times, together with thirty seven times thus far this year. By comparison, the cryptocurrency alone died 14 times in 2020 and 41 times in 2019.
Lynch said that bitcoin “demonstrates some ‘anti-fragile’ qualities,” elaborating:
“It quite sits within the portfolio in a small manner, that it probably one thing that may go right once the remainder of our portfolios having something fail … 10 years from currently, given bitcoin’s persistence, is worth a small speculation.
The executive aforesaid he will envision bitcoin “benefiting from totally different environments, whether or not individuals investigate it as a digital gold, or individuals begin to essentially question fiat currency, given all the input and therefore the policy there,” citing the Fed’s “accommodating” policies and therefore the low-rate surroundings.
Morgan Stanley was among the primary major banks to embrace bitcoin. The firm created bitcoin funds on the market to purchasers back in March and extra bitcoin to 12 mutual funds‘ investment ways the subsequent month. In addition, the worldwide investment bank recently launched a zealous cryptocurrency analysis team.
Credit: Source link