Bitcoin is like South Park’s Kenny: Constantly dies and keeps coming back, Morgan Stanley says

Dennis Lynch of Morgan Stanley, the major US investment bank, compares bitcoin (BTC), the mother of all cryptocurrencies, to Kenny of South Park. Kenny is one of the central characters of the well-known animated series who dies almost every episode and then comes back anyway.

“I like to say that bitcoin is a bit like Kenny from South Park – he dies every episode and then comes back.”

Said Lynch, a former analyst at JP Morgan and now head of Counterpoint, an asset manager and subsidiary of Morgan Stanley. The bitcoin price fell twice this week, mainly due to news from China.

It first concerned a debt crisis at real estate giant Evergrande and then a ban on all crypto trading in China by the Chinese central bank. Bitcoin first fell from $48,000 to $40,000, then recovered to $45,000 and then dropped back to $40,000. BTC currently appears to be consolidating around USD 43,000.

Lynch also likens Bitcoin to the Hydra, the multi-headed serpent from the Greek mythology of Hercules (Herakles), which grew back two heads as soon as one was chopped off. He says Bitcoin shows “anti-fragile” qualities: it gets stronger after setbacks.

Finally, Lynch says investors are looking to bitcoin due to low interest rates and fears of fiat currency inflation:

“I can imagine that bitcoin benefits from different environments. Whether people see it as digital gold, or people are really starting to question the fiat currency, given all the incentives and policies there – because the Fed had to be so accommodative.”

According to Bitcoin Obituaries and Bitcoinisdead.org the crypto has been declared dead at least 430 times by various publications over the years.

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