Kingdom Holding, Saudi Prince Alwaleed Bin Talal’s investment company, will not invest in cryptocurrency in the near future because it has not been adopted as a payment method for goods and services, CEO says Talal Ibrahim al-Maiman, Reuters reported.
The prince, a high-ranking member of the Saudi royal family, is known for his Warren Buffett-style value investing approach and, like him, has always avoided crypto. The company’s estimated $13.6 billion in assets are held in a diversified portfolio that includes interests in finance, hospitality, healthcare, media, technology and real estate companies.
“We support Mr. Buffet’s theory that you do not buy with it, you do not invest, so as we cannot buy any goods with cryptocurrencies, we therefore do not consider investing in them. this,” Al-Maiman said on the sidelines. of the World Economic Forum in Davos, according to Reuters.
Social media rumors have long suggested that the Saudi royal family would invest in cryptocurrencies, and the recently improved US regulatory outlook given President Donald Trump’s pro-crypto stance has been seen as a catalyst for this investment.
Al-Waleed’s public comments on Bitcoin reflect the company’s crypto concerns. In 2017, the Saudi prince said he believed cryptocurrency was “going to implode one day.”
