Li Lu Calls Cryptocurrencies Meaningless and Urges Ban

Himalaya Capital founder Li Lu stated that cryptocurrencies will disappear on their own due to the lack of a collateral mechanism necessary for performing monetary functions.

Cryptocurrencies facilitate illegal transactions, so they should be banned entirely. Buying crypto can be compared to collecting art: its value depends on people's subjective preferences.

Li Lu is the founder of investment firm Himalaya Capital and is often called the successor of legendary Charlie Munger, Warren Buffett's long-time partner and vice chairman of Berkshire Hathaway.

Charlie Munger himself was also a staunch opponent of Bitcoin, calling cryptocurrencies financial AIDS and repeatedly urging their complete ban in the US.