WuBlockchain
Li Lu, founder of Himalaya Capital and described as Charlie Munger's successor, said in an October 15, 2026, interview at Columbia Business School that crypto is fundamentally bogus and will eventually disappear on its own. He also advocated banning it, arguing that it facilitates illicit transactions.
Why it matters
Lu's criticism challenges crypto's role as money. He argued that a currency's functions as a means of settlement and a store of wealth require an enforcement mechanism, a view at odds with crypto's emphasis on decentralized systems.
Market impact
Lu also warned that excessive focus on short-term performance turns investors into speculators. He framed the choice as letting the market instruct investors or letting it serve them, putting investor behavior alongside crypto's monetary design at the center of his critique.
Frequently asked questions
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Why does Li Lu argue that crypto should be banned?
Lu argued that crypto facilitates illicit transactions and advocated banning it.
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What monetary functions does Lu say require enforcement?
He said a currency's role as a means of settlement and a store of wealth requires an enforcement mechanism.
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Where did Li Lu make his comments about crypto?
He made them in an interview at Columbia Business School on October 15, 2026.
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What did Lu warn about short-term investment performance?
He warned that excessive focus on short-term performance turns investors into speculators.
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How did Lu describe the choice investors face with the market?
He said investors must choose between letting the market instruct them and letting it serve them.
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