Dennis Lynch Likens Bitcoin to South Park’s Kenny
Dennis Lynch, the Head of Counterpoint Global, recently compared the world’s leading cryptocurrency to a character on the award-winning series ‘South Park’ called Kenny McCormick. The annual Morningstar annual conference was conducted on Thursday and Lynch made this comparison while giving a speech at the event. He said that Bitcoin was very much like Kenny, who died in every episode of the show and yet, was back again each time. The story of the character on the South Park animated series is not very different from what appears to be happening with Bitcoin in the crypto market. The animated series’ plot revolves around Kenny McCormick.
During the early seasons of the show, the character dies a few times and Kenny actually dies three times in the show’s seventh episode. The character also died in the fifth season and the episode had been aptly named ‘Kenny Dies’. Despite dying, Kenny came back to the show and that’s when his recurrent deaths were finally put to an end. During the entire series, Kenny actually died a total of 98 times, which seems to be quite similar to Bitcoin’s story in the crypto world. There have been hundreds of times when the world’s first cryptocurrency was declared dead.
It was back in December 2010 when Bitcoin was declared dead for the first time. At that point, it had still been very new in the market. It is usually non-believers and critics who declare the death of the coin because they believe that it wouldn’t be able to withstand any future changes that happen in the financial markets. Lynch said in his conclusion that Bitcoin was certainly not fragile, but he did say that the coin was undoubtedly under the threat of a regulatory clampdown. If governments decide to take action against Bitcoin, there is a strong possibility that it will undergo a strong price correction.
However, it is also possible for the coin to make a recovery, as it has done several times before. In the last few years, Bitcoin has enjoyed significant institutional adoption from some prominent players in the financial sector. One of the leading global financial companies that have enabled its clients to access crypto as an asset class is Morgan Stanley. Recently, it introduced a product for offering Bitcoin exposure for an array of institutional funds. Some of the divisions of the banks that were involved in this exposure include the Counterpoint Global division that falls under Lynch.
It is also important to note that Morgan Stanley is definitely not the only bank in the US that’s venturing into crypto-related products. There are other leading banks, such as JPMorgan Chase and Deutsche Bank, which have also announced their plans for offering their clients crypto exposure due to increased demand. Recently, a letter was published by leading banks in the US and UK that opposed some of the proposals put forward by the Basel Committee for Banking Supervision in relation to crypto holdings. The banks argued that crypto adoption by banks would be inhibited due to these proposals.
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