Saudi Prince’s Firm Avoids Crypto Investments
Kingdom Holding, led by Saudi Prince Alwaleed Bin Talal, has decided against investing in cryptocurrencies due to their limited use in everyday transactions, as reported by Reuters.
The Prince, known for a conservative investment strategy similar to Warren Buffett’s, maintains a diversified portfolio of $13.6 billion, spanning sectors like finance, hospitality, and technology.
CEO Talal Ibrahim al-Maiman emphasized their stance, aligning with Buffett’s view: “We don’t buy or invest in what we can’t use to purchase goods,” during the World Economic Forum in Davos.
Despite ongoing rumors about potential crypto investments by the Saudi royal family, especially with favorable U.S. regulations, the firm remains cautious.
Prince Alwaleed has previously expressed skepticism about bitcoin, predicting its eventual collapse.