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 ...