#Saudi Arabia Avoids Cryptocurrency Investment#

Talal Ibrahim Maiman, CEO of Saudi Arabia's Kingdom Holding Company, recently said the firm will not be investing in cryptocurrencies anytime soon, as they have yet to be adopted as a means of payment for goods and services. He argued that cryptocurrencies lack utility and favors a Warren Buffett-style approach to value investing, which is to not buy anything, not invest in it, unless you can use it to buy something. The company, which has $13.6 billion in assets, boasts a diversified portfolio, including investments in financial, hospitality, healthcare, media, technology, and real estate companies. Maiman's comments suggest a cautious stance on cryptocurrencies from the Saudi royal family, despite prior rumors of their investment in the asset class. Prince Alwaleed bin Talal, also a Saudi prince, had previously expressed his belief that cryptocurrencies “will eventually collapse.” While the regulatory outlook in the U.S. has recently improved, Kingdom Holding’s concerns over cryptocurrencies reflect challenges facing the industry, namely, the lack of widespread adoption and acceptance.