Kingdom Holding, the investment firm of Saudi Prince Alwaleed Bin Talal, has decided against investing in cryptocurrency due to its limited utility as a payment method. CEO Talal Ibrahim al-Maiman expressed that the firm is 'currently not looking' into crypto investments, attributing their reluctance to the lack of widespread acceptance of cryptocurrencies for transactions. The firm, which has an estimated $13.6 billion in assets, holds a diversified portfolio but aligns its investment strategy with the principle of only investing in assets that can be used to purchase goods and services. Al-Maiman reiterated the company's stance by highlighting their agreement with Warren Buffett's investment philosophy. The firm's decision comes despite speculation on social media about a potential investment in cryptocurrencies, especially considering recent positive regulatory developments in the U.S. Underlying these discussions is Al-Waleed's previous critical comments on bitcoin, calling it destined to 'implode.'

Source 🔗