In a recent development, the investment firm led by Saudi Arabian Prince is not likely to invest in cryptocurrency in the near future. As per recent report from Reuters, Kingdom Holding, the investment firm led by Saudi Arabian Prince Alwaleed Bin Talal, has announced that it will not be investing in cryptocurrency in the near future.
Notably, the CEO, Talal Ibrahim al-Maiman explained that the lack of widespread adoption of cryptocurrency as a payment method for goods and services is the key factor behind this decision.
Prince Alwaleed Bin Talal, known for his Warren Buffett-style value investing, has consistently avoided crypto. The company’s estimated $13.6 billion in assets are held in a diversified portfolio that includes holdings in finance, hospitality, health care, media, technology and real estate companies.
Al-Maiman explained at the World Economic Forum in Davos, according to Reuters, that Kingdom Holding follows Warren Buffett’s investment philosophy.
“We support Mr. Buffet’s theory that you don’t buy with, don’t invest in, so as we cannot buy any goods with cryptocurrencies, therefore we are currently not looking into investing in them,” he noted.
There were rumors circulating on social media that the Saudi royal family might invest in cryptocurrencies, with the recent positive shift in U.S. regulations under President Donald Trump’s pro-crypto stance, which is seen as a possible trigger for that investment.
Al-Waleed’s public comments on bitcoin reflect the company’s crypto concerns. In 2017, the Saudi Prince publicly stated that he believed bitcoin would eventually “implode,” reflecting his skepticism about the cryptocurrency.
