Li Lu Calls Crypto "Fundamentally Bogus" and Predicts Its Demise at Graham & Dodd Luncheon

Li Lu, Himalaya Capital founder and Charlie Munger's successor, called crypto "fundamentally bogus" and predicted it will disappear on its own. He argued a currency needs an enforcement mechanism to work as settlement or store of wealth, which a project started by individuals cannot provide. Li Lu also said crypto helps criminals and facilitates illicit transactions, and went further to say society would be better off banning it.