Dennis Lynch, head of Counterpoint Global, the investment arm of Morgan Stanley, compared Bitcoin to Kenny McCormick, a character from South Park.
Speaking at Morningstar’s annual investment conference, Dennis Lynch talked about cryptocurrency volatility. He drew a parallel between Bitcoin and Kenny – this character died in almost every episode, but then returned to the screen again unharmed, without any explanation.
“Bitcoin is like South Park Kenny, who dies but keeps coming back. The same is with the bitcoin rate. Bitcoin is stable in its volatility and benefits from this uncertainty, ”Lynch said.
Throughout the history of the existence of bitcoin, many experts have repeatedly disappointed in it and declared it “dead”. For example, a few months ago, Aswath Damodaran, professor of finance at New York University’s Stern School of Business, said that bitcoin had failed and could never completely replace regular money.
In addition, billionaire Ray Dalio recently said that regulators could find ways to stop Bitcoin’s development if they wanted to. However, Lynch is confident that Bitcoin is not going anywhere, although he acknowledged the threat of harsh persecution of cryptocurrencies by governments.
In general, Morgan Stanley Bank is supportive of digital assets. In the spring, the investment giant launched two bitcoin funds, and this month created a unit to study blockchain and cryptocurrencies.
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