On February 9, the American professional baseball team based in Washington, D.C., the Washington Nationals, announced the team has partnered with Terra, the open-source blockchain platform and decentralized autonomous organization (DAO). The Washington Nationals detail that the team is a “leading innovator” and is “consistently introducing new technologies to enhance the fan experience.” Washington Nationals Ink Long-Term Deal With Terra Major League Baseball (MLB) team the Washington Nationals has partnered with the blockchain platform and DAO Terra, according to an announcement published by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the algorithmic stablecoin UST that’s issued on the Terra blockchain will be “accepted as a payment method at Nationals Park as early as next season.” “The Nationals continue t...
Morgan Stanley’s Executive Likens Bitcoin’s Resilience to Kenny Who Dies in Every South Park Episode
Morgan Stanley Investment Management’s Dennis Lynch, says that bitcoin’s resilience is like Kenny from the popular TV series South Park. In almost every episode, Kenny comically died but always came back, just like how bitcoin bounces back every time after a bear market.
Bitcoin Is Similar to Kenny in South Park, Says Morgan Stanley’s Executive
Morgan Stanley’s Dennis Lynch talked about bitcoin’s resilience at Morningstar’s annual investment conference Thursday. Lynch is head of the Counterpoint Global team at Morgan Stanley Investment Management, the bank’s asset management arm. He joined Morgan Stanley in 1998 and has 27 years of investment experience. The Morgan Stanley Counterpoint Global team “invests primarily in established and emerging companies globally,” the firm’s website describes.
Lynch compared the cryptocurrency’s ability to recover and bounce back from bear markets and massive sell-offs to Kenny, a character from the popular TV cartoon series South Park, stating:
I like to say that bitcoin’s kind of like Kenny from South Park — he dies every episode, and is back again.
The South Park show follows the stories of four boys: Stan Marsh, Kyle Broflovski, Eric Cartman, and Kenny McCormick. During the show’s first five seasons, Kenny died in nearly every episode before returning in the next with little-to-no definitive explanation given.
The Morgan Stanley executive said that like Kenny of the Comedy Central franchise, bitcoin just keeps coming back.
According to “Bitcoin Obituaries” by 99 Bitcoin, BTC has died 430 times, including 37 times so far this year. By comparison, the cryptocurrency only died 14 times in 2020 and 41 times in 2019.
Lynch added that bitcoin “demonstrates some ‘anti-fragile’ qualities,” elaborating:
It kind of sits in the portfolio in a small manner, that it possibly is something that can go right when the rest of our portfolios having something go wrong … Ten years from now, given bitcoin’s persistence, is worth a small speculation.
The executive said he can envision bitcoin “benefiting from different environments, whether people look at it as a digital gold, or people start to really question fiat currency, given all the stimulus and the policy there,” citing the Fed’s “accommodating” policies and the low-rate environment.
Morgan Stanley was among the first major banks to embrace bitcoin. The firm made bitcoin funds available to clients back in March and added bitcoin to 12 mutual funds‘ investment strategies the following month. In addition, the global investment bank recently launched a dedicated cryptocurrency research team.
What do you think about comparing bitcoin to Kenny from South Park? Let us know in the comments section below.
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