Li Lu, founder of Himalaya Capital and Munger's successor, stated in an October 15 interview at Columbia Business School that crypto is fundamentally bogus and will eventually disappear on its own. He argued that a currency's functions as a means of settlement and a store of wealth require an enforcement mechanism, and advocated banning crypto because it facilitates illicit transactions. He also warned that an excessive focus on short-term performance turns investors into speculators, urging them to choose between letting the market instruct them and letting it serve them.