#Saudi Arabia Avoids Cryptocurrency Investment#
Hot Topic Overview
Overview
Talal Ibrahim Al Maiman, CEO of Saudi Arabian Kingdom Holding Company, recently said the company will not invest in cryptocurrency anytime soon, as it is not yet being used as a method of payment for goods and services. The company has an estimated $13.6 billion in assets, held by a diversified portfolio including companies in the finance, hospitality, healthcare, media, technology, and real estate sectors. Al Maiman said the company supports the theory of Warren Buffett, who says "don't buy something you don't understand," so they can't buy anything with cryptocurrency and therefore they are not considering investing in it at this time. Previously, there were rumors circulating on social media that the Saudi royal family was going to invest in cryptocurrency. This was seen as a catalyst for the investment given recent improvements to the US regulatory landscape, bolstered by the stance of President Donald Trump in support of cryptocurrency. Prince Alwaleed bin Talal of Saudi Arabia previously also publicly stated that he believes cryptocurrency will "one day collapse."
Ace Hot Topic Analysis
Analysis
Talal Ibrahim Maiman, CEO of Saudi Arabian holding company Kingdom Holding Company, recently stated that the company will not be investing in cryptocurrencies anytime soon, as they have not yet been used as a means of payment for goods and services. He believes that cryptocurrencies lack practicality and supports a Warren Buffett-esque value investing approach, which is "don't buy anything, don't invest." Kingdom Holding Company is the investment company of Saudi Prince Alwaleed bin Talal, and holds $13.6 billion in assets with a portfolio that spans financial, hospitality, healthcare, media, technology and real estate industries. Maiman’s comments suggest that the Saudi royal family is cautious about cryptocurrencies and believes they lack real-world application value. Previously, there were rumors that the Saudi royal family would invest in cryptocurrencies, but Maiman's public statement indicates that the company is not currently considering investing in them. It is worth noting that Saudi Prince Alwaleed bin Talal stated in 2017 that he believes cryptocurrencies "will eventually crash."
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 adheres to a value investing philosophy and does not invest in assets that do not generate real value
The Saudi Royal Family is cautious about cryptocurrencies, believing that they pose a bubble risk
The Saudi Royal Family is skeptical about the investment prospects of cryptocurrencies