Key Points:

• Kingdom Holding, owned by Saudi Prince Alwaleed Bin Talal, will not be investing in cryptocurrency in the foreseeable future.
• The firm cites the lack of broad adoption of cryptocurrencies for everyday purchases as the main reason for its decision.

In a statement made at the World Economic Forum in Davos, CEO Talal Ibrahim al-Maiman expressed that the company follows the principle of not investing in assets that cannot be used to purchase goods. He stated:

“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.”

The company’s portfolio, valued at approximately $13.6 billion, spans across various sectors, including finance, hospitality, healthcare, media, technology, and real estate. The Prince has historically favored a Warren Buffett-style investment strategy, consistently distancing himself from cryptocurrencies and previously suggesting their inevitable decline.

Additionally, rumors had been circulating on social media regarding potential interest from the Saudi royal family in cryptocurrency investments, particularly given the improving U.S. regulatory environment under President Donald Trump’s crypto-friendly administration. However, these speculations were dismissed by the company.

Al-Waleed has voiced his concerns on Bitcoin in the past, once stating that it is “just going to implode one day.”