Investment Firm Kingdom Holding Avoids Potential Crypto Investment Over Limited Utility: Reuters
Kingdom Holding, the investment firm of Saudi Arabian Prince Alwaleed Bin Talal, will not invest in cryptocurrency in the near future because it is not adopted as a means of payment for goods and services, CEO Talal Ibrahim al-Maiman said, reported by Reuters.
The prince, a senior member of the Saudi royal family is known for his Warren Buffett-style value investing approach and, like him, continues to avoid crypto. The company’s estimated $13.6 billion in assets are held in a diversified portfolio that includes holdings in financial, hospitality, healthcare, media, technology and real estate companies.
“We support Mr. Buffet’s theory that you don’t buy, don’t invest, so we can’t buy any goods with cryptocurrencies, therefore we are currently not looking at investing in them,” said Al-Maiman on the side. of the World Economic Forum in Davos, according to Reuters.
Social media rumors are for long suggested that the Saudi royal family will invest in cryptocurrencies, and the recent improved US regulatory outlook given President Donald Trump’s pro-crypto stance was seen as a catalyst for that investment.
Al-Waleed’s public comments on bitcoin reflect the company’s crypto concerns. In 2017, the Saudi prince said that he believe cryptocurrency is “just going to blow up one day.”
