Li Lu, Warren Munger's successor at Himalaya Capital, argues crypto is fundamentally bogus and will disappear, advocating for regulatory bans due to illicit use.
Regulation & Gov ·
Li Lu, founder of Himalaya Capital, stated at Columbia Business School on October 15, 2026, that cryptocurrencies lack fundamental value and will naturally fade away over time. According to Lu, the core functions of currency—serving as a medium of exchange and store of value—depend on backing by an enforcement mechanism that crypto cannot provide. He called for regulatory intervention to prohibit digital assets, citing their use in illegal activities as a primary concern.
Lu also weighed in on investor behavior, contending that prioritizing short-term returns converts participants into speculators rather than long-term owners. He framed a critical choice for market participants: whether to allow market forces to guide their decisions or to use the market as a tool for their own ends. Lu's full remarks were documented here.