Kingdom Holding Company (KHC), the investment firm that belongs to Saudi Prince Alwaleed Bin Talal, has made it clear that it does not plan to invest in cryptocurrency anytime soon.
The CEO, Talal Ibrahim al-Maiman, explained that the firm does not see enough practical use of cryptocurrencies for day-to-day purchases, making them unappealing for investment.
“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,” al-Maiman said at the World Economic Forum in Davos, according to Reuters .
KHC applies a value-investing approach that focuses on assets with clear real-world uses. Most of its assets are in finance, real estate, hospitality, healthcare, and technology, making up around $13.6 billion for the Alwaleed company.
Even as more people globally find an interest in digital currencies, KHC has not deviated from its traditional style of investment. The company has always stayed far away from cryptos, focusing on investments that offer tangible benefits.
Al-Maiman said that currently KHC is “not looking” because they are not widely accepted as payment for goods and services.
Meanwhile, rumours have persisted for years that the Saudi royal family would start investing in cryptos once the US administration endorsed digital currencies. However, the KHC has stood on its decision to say ‘no’ to cryptos.
In 2017, Prince Alwaleed even predicted that Bitcoin would “implode one day,” hinting he did not want to take part in the industry.
