🤑 Crypto’s Royal Snub

by

What to know:

  • It seems the Saudi royal family’s investment firm, Kingdom Holding, has given cryptocurrency the cold shoulder, citing its lack of utility as a payment method. How quaint.
  • The CEO, Talal Ibrahim al-Maiman, has declared that the firm is “currently not looking” into investing in crypto. One can almost hear the sound of a door slamming shut.

As I sat in my armchair, sipping my tea and pondering the mysteries of the universe, I stumbled upon a most intriguing piece of news. Kingdom Holding, the investment firm of the illustrious Prince Alwaleed Bin Talal, has decided to shun cryptocurrency. The reason, you ask? Well, it’s quite simple really – it’s not widely accepted as a payment method for goods and services. Ah, the humanity!

The prince, a man of discerning taste and a Warren Buffett-style value investing approach, has consistently given cryptocurrency the side-eye. And who can blame him? With an estimated $13.6 billion in assets, one must be cautious not to throw one’s money into the void. The company’s portfolio is a veritable smorgasbord of finance, hospitality, health care, media, technology, and real estate companies. A true feast for the senses!

As I delved deeper into the article, I came across a quote from the CEO that left me in stitches. “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.” Ah, the logic is almost too beautiful to behold! It’s like a perfectly crafted Russian nesting doll – each layer more delightful than the last.

And then, of course, there are the rumors. Oh, the rumors! They’ve been swirling about like a mischievous imp, suggesting that the Saudi royal family would invest in cryptocurrencies. But alas, it seems those rumors have been put to rest. The recently improved U.S. regulatory outlook, courtesy of President Donald Trump’s pro-crypto stance, was seen as a potential catalyst for investment. But it seems the prince is not one to be swayed by fleeting trends.

As I finished reading the article, I couldn’t help but chuckle at the prince’s 2017 comment about bitcoin. “Just going to implode one day,” he said. Ah, the wit! The charm! It’s like a perfectly crafted bon mot, designed to leave one in stitches.

Read More

2025-01-22 18:16