The monarchs of Saudi Arabia are not interested in buying cryptocurrency, and the reason for this became known thanks to the director of Kingdom Holding Company (KHC) Talal Ibrahim Al-Maiman.
KHC, led by Saudi Prince Alwaleed bin Talal Al Saud, has invested $13.6 billion in various assets, but virtual currencies are not part of the company's investment portfolio. This is due to the fact that the organization's leaders are skeptical about digital assets.
"We support Buffett's theory that you shouldn't buy or invest in assets that can't be used to buy goods. We can't buy goods with cryptocurrencies, so we're not interested in that at the moment," Talal said.
Talal Ibrahim Al Maiman
Many digital assets have long been used as a means of payment, so Al-Maiman's statement sounds more like an excuse than a real reason why KHC is buying shares in financial, medical, technology, construction and other organizations instead of Bitcoin, Ethereum and other digital assets.
Rumors that members of the Saudi royal family own cryptocurrencies have been circulating on social media for at least nine years. However, researchers have yet to find any evidence to support these claims.
The reason they avoid digital assets is probably due to the high risks of investing in cryptocurrencies. The words of Alwaleed, who predicted the collapse of the Bitcoin rate back in 2017, indirectly confirm this hypothesis.
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