Economist who described crypto industry as “total corruption” is launching his own token

Nouriel Roubini’s Atlas Climate Token is pegged to real-world investment products.

The company co-founded by Nouriel Roubini, a Turkish-born Iranian-American economic consultant, economist, and writer, is launching a token of its own – Atlas Climate Token (ACT). 

Atlas Capital Team, an assets management firm founded in 2018 and based in New York, announced in a release that ACT is a blockchain-based stablecoin pegged to "a carefully chosen portfolio of liquid real-world assets," which include climate-resilient real estate investment trusts, inflation-hedged government bonds, gold, and other commodities. 

Moreover, ACT is supposed to become an alternative to the US dollar, according to the statement.

More to read:
A market analyst predicts the collapse of the central banking system

The financial products in the custody of Roubini’s company were launched last May in partnership with Goldman Sachs Group, one of the largest banks in the world, and were described as “an alternative safe haven in a big market crash.”

The firm also plans to create an exchange-traded fund in the first quarter of 2024.

Roubini was one of the people who correctly predicted the global financial crash of 2007–08 as a consequence of the subprime mortgage market collapse in the United States, earning the nickname “Dr.Doom” for this and other gloomy economic forecasts such as wars, rampant diseases, climate disaster, and uncontrolled debt. 

He is also famous for his warnings about cryptocurrencies and token trading, launching an avalanche of criticism and skeptical remarks regarding the crypto industry, which he described as “total corruption” and the "biggest criminal heist in human history."

“Crypto is corrupt gambling where the house always & systematically front runs the retail suckers that get rekt. 100+ million suckers rekt globally by a bunch of crypto gangsters: 19700 ICOs were a scam in the first place or went bust. The biggest criminal heist in human history!” the economist said in a tweet

And yet, Atlas Capital Team is in fact pretty-much of a fintech company where Roubini serves as its chief economist – a stark contrast with his previous apocalyptical comments. 

Ironically, Atlas admits that it has employed people who previously worked in the crypto industry, including Binance, prompting a negative reaction from its CEO Changpeng Zhao.

Nouriel Roubini has not explained his shift in the opposite direction. Still, this is good news for the crypto world.

More to read:
Trader who forecasted 2008 financial crisis bet 1.6 billion dollars on stock market crash in 2023


Don't hesitate to support our small office: @businessnewsservice (PayPal) or IBAN - RO50BTRLEURCRT0490900501, Swift - BTRLRO22, Beneficiary - Rudeana SRL. Not feeling like donating? Then don't be lazy to click on banners on our website. Any help is welcome.