Li Lu says crypto will eventually disappear on its own

Li Lu, the value investor often called “China’s Buffett,” has a blunt forecast for crypto. He thinks it will fade out of existence without anyone needing to push it.

Speaking at Columbia Business School’s 36th Annual Graham & Dodd Event on October 15, 2026, Lu described crypto as fake. His core argument is that digital assets lack the enforcement power that only governments provide. Without that power, he argues, crypto cannot do the job that money is supposed to do.

What Li Lu actually said

Lu’s critique rested on one structural point. Crypto, in his view, lacks “the enforcement mechanism of sovereign states.”

From there, he drew a sweeping conclusion. Lu predicted that crypto assets “will eventually disappear on their own.”

The phrase “on their own” matters more than it might seem. Lu did not call for regulators to ban crypto. His argument is that the asset class carries a built-in flaw, and that flaw will do the work over time.

Lu also drew a clear line between crypto and the investing style he practices. He framed digital assets as speculative and unsupported by any formal authority. Value investing, by contrast, centers on businesses with real economic utility and durable competitive advantages.

Who Li Lu is, and why the room listened

Lu is not a random voice shouting into the void. He is a Columbia alumnus holding a BA, an MBA, and a JD from the university.

He founded Himalaya Capital in 1997. The firm has since become closely associated with the disciplined, long-horizon investing style that Columbia’s Graham & Dodd tradition is built around.

His comments were consistent with his long-established philosophy. Lu has built his reputation on favoring real businesses over speculative bets. Crypto skepticism is a natural extension of that worldview rather than a sudden change of heart.

What this means for crypto and its critics

His statements did not line up with any market-moving event, and no notable market reaction has been tied to them.

His remarks also land during a period of ongoing regulatory scrutiny of crypto markets worldwide. For institutions that already weigh long-term stability and government backing heavily, the lack of clear regulatory frameworks remains a sticking point. Lu’s critique gives those cautious investors an articulate rationale for staying on the sidelines.

Disclosure: This article was edited by Estefano Gomez. For more information on how we create and review content, see our Editorial Policy.