Li Lu, a Charlie Munger protégé and Himalaya Capital founder, calls crypto fundamentally bogus and expects it to disappear. He told a New York value investing luncheon that society would be better off banning it.

Li Lu, founder and chairman of Himalaya Capital, an investment firm, was an early investor in Chinese carmaker BYD. Still, he called collecting crypto a personal preference, much like valuing a certain artist’s work.

Why Does Li Lu Say Crypto Fails as Money?

Li Lu spoke on October 5 at the 36th Annual Graham & Dodd Luncheon in New York. Columbia Business School professor Tano Santos moderated the fireside chat.

An audience member asked about crypto in the…