Interesting Bitcoin Analogy by Dennis Lynch: “Like a South Park Character”

Dennis Lynch of Morgan Stanley, Bitcoin’s ability to bounce back from even the deepest selling pressure is similar to the character Kenny, who comes back to life after dying in every episode of the cartoon series South Park.

Lynch, the head of Counterpoint, a subsidiary of Morgan Stanley asset management firm, voiced his thoughts on Bitcoin at Morningstar’s annual investment conference on Thursday.

“We can say that Bitcoin is like Kenny in South Park. You know, Kenny dies in every episode and comes back in every other episode.”

Bitcoin’s extreme volatility means that it can make as much as 10% drop in one day. It most recently fell nearly 9% in one day on Monday, hitting a six-week low at the start of this week, and has come under a series of selling pressures.

It fell below $40,000 but later recouped these losses and managed to climb as high as $44,900 before the news from China. In fact, Bitcoin has dropped 10% or more in a single day at least six times this year and bounced back every time. Dennis Lynch also said that like South Park’s Kenny character, Bitcoin keeps coming back.

“Something that can go right when something goes wrong with the rest of our portfolio is in the portfolio in a small way.”

Finally, Lynch acknowledges the potential threat of government repression, although he considers Bitcoin to be “vulnerable”.

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.

source site