Kingdom Holding, the investment firm of Saudi Arabian Prince Alwaleed Bin Talal, has decided against investing in cryptocurrencies. The firm, with assets estimated at $13.6 billion, holds a diversified portfolio across finance, hospitality, health care, media, technology, and real estate. CEO Talal Ibrahim al-Maiman stated at the World Economic Forum in Davos that the lack of widespread adoption of cryptocurrencies as a payment method for goods and services is the primary reason for their reluctance. He supports Warren Buffett’s theory that you should not invest in something you cannot use to buy goods. Despite rumors and a more favorable U.S. regulatory environment, the firm remains cautious. In 2017, Prince Alwaleed predicted that bitcoin would “implode one day.”
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