#Saudi Arabia Avoids Cryptocurrency Investment#
Hot Topic Overview
Overview
Kingdom Holding Company, owned by Saudi Prince Alwaleed bin Talal, has recently stated that it will not invest in cryptocurrencies. The company's CEO, Talal Ibrahim Maiman, believes that cryptocurrencies currently lack practicality and cannot be used as a means of payment for goods and services. He said that the company supports Buffett's value investing philosophy, which is to not invest in things that cannot be used to buy goods. This statement debunks previous rumors on social media about the Saudi royal family investing in cryptocurrency and indicates that the company is cautious about cryptocurrency. Previously, Alwaleed bin Talal had publicly stated that he believed cryptocurrencies "will eventually collapse."
Ace Hot Topic Analysis
Analysis
Talal Ibrahim Al Maiman, CEO of Saudi Arabian investment firm Kingdom Holding Company, recently stated that the firm will not invest in cryptocurrencies as they are not yet being used as a means of payment for goods and services. This aligns with the company’s value investment philosophy of only investing in assets that offer tangible value. Alwaleed bin Talal, a senior member of the Saudi royal family known for his Warren Buffett-style investment approach, has similarly been cautious about cryptocurrencies. Despite earlier rumors that the Saudi royal family would invest in cryptocurrencies, the firm is skeptical of the practicality of cryptocurrencies, believing they lack real-world applications. Al Maiman said the firm supports Buffett's theory of "don't buy things you don't understand, don't invest in them," so until cryptocurrencies can be used to purchase anything, the firm will not be considering an investment. Kingdom Holding Company has $13.6 billion in assets, with a portfolio spanning finance, hospitality, healthcare, media, technology, and real estate.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Cryptocurrencies lack practicality and cannot be used as a means of payment for goods and services
The Public Investment Fund of Saudi Arabia supports Warren Buffett's value investment theory, not investing in things that cannot be used to buy goods
The Saudi royal family is cautious about cryptocurrencies, believing they are at risk of collapse
The Public Investment Fund of Saudi Arabia currently has no plans to invest in cryptocurrencies