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Morgan Stanley Dennis Lynch Likens Bitcoin to Kenny from South Park

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The Head of Counterpoint Global, Dennis Lynch, has compared Bitcoin to Kenny McCormick, a character on the “South Park” award-winning series. Lynch gave this comparison during a speech at the Morningstar annual investment conference on Thursday.

“I like to say that Bitcoin is kind of like Kenny from South Park, you know, the guy dies every episode, and he’s back again,” Lynch said.

Kenny’s Story is Similar to Bitcoin

The story of Kenny on the South Park animated series is almost similar to what has been happening with Bitcoin. The plot of the animated series revolves around Kenny, who died several times during the early seasons of the series. In the show’s seventh episode, Kenny dies three times.

Kenny died in the fifth season, in an episode dubbed “Kenny Dies”. However, he later returned to the show, after which his recurrent deaths came to a stop. Kenny died 98 times during the entire series, similar to Bitcoin’s story where the coin has been declared dead hundreds of times.

The first Bitcoin death was declared in December 2010, when the coin was still new in the market. The coin’s death is usually predicted by non-believers who state that it will not withstand future changes in the financial markets.

In his conclusion, Lynch stated that Bitcoin was not fragile, but he also acknowledged that the coin was still under the threat of regulatory crackdown. If governments crackdown on the coin, it could undergo a sharp price correction, but it could recover, as it has previously done.

Institutional Adoption

Bitcoin has enjoyed increased institutional adoption from major players in the financial sector. Morgan Stanley is one of the leading global financial firms that has allowed its clients to access cryptocurrencies as an asset class.

Recently, Morgan Stanley offered a product to offer Bitcoin exposure for a variety of institutional funds. Some of the bank’s divisions involved in this Bitcoin exposure include the Counterpoint Global division headed by Lynch.

Morgan Stanley is not the only US bank venturing into crypto-related products. Other leading banks such as Deutsche Bank and JPMorgan Chase have also announced plans to offer crypto exposure to clients because of increased demand.

Recently, leading banks in the UK and the US published a letter that opposed some recommendations issued by the Basel Committee for Banking Supervision regarding crypto holdings. These banks argued that these recommendations could inhibit the adoption of cryptocurrencies by licensed financial institutions and push the assets towards unregulated markets.

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