Li Lu Considers Cryptocurrency Doomed to Fail

Li Lu, the founder of Himalaya Capital, stated that cryptocurrency lacks a solid foundation and should disappear. At an investment lunch in New York on October 5, he noted that society would be better off without digital assets. Lu believes that cryptocurrencies cannot fulfill the functions of a proper currency, as a system of enforcement is necessary, which they lack. He added that cryptocurrencies facilitate illegal activities and can be beneficial to criminals, advocating for their ban. Li Lu's position aligns with the criticism expressed by Charlie Munger and Warren Buffett, who have historically been negative towards Bitcoin. At the same time, there is no consensus in the financial industry: some experts, such as Matthew Sigel from VanEck, believe that critics underestimate Bitcoin. The debate surrounding cryptocurrency remains open, as Bitcoin supporters point to the growing interest from investors, while Lu views them as an unsuitable tool for accumulation.

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