In a surprising twist, renowned economist Nouriel Roubini, who was once a staunch critic of cryptocurrencies, has launched his own digital token under the banner of Atlas Capital.
Image: Atlas Capital
Roubini's venture is introducing a blockchain-based stablecoin tethered to real-world assets, marking a significant departure from his previous stance on digital currencies and blockchain technology.
Nouriel Roubini has long been a vocal adversary of cryptocurrencies, referring to Bitcoin as "the mother of all bubbles" and the crypto industry as "the biggest criminal heist in human history."
Changpeng Zhao (CZ), co-founder and CEO of Binance, expressed his disapproval of Roubini's sudden pivot on Twitter. He labeled Roubini as "shameless" for embracing the world of crypto and leveraging the Binance brand's recognition.
The tension between the two figures can be traced back to Roubini's scathing critique of Binance in light of FTX's issues, where he referred to CZ as a "walking time bomb."
Initially, Atlas Capital proudly highlighted its associations with former Binance personnel.
image: CZ's X Post
However, following CZ's public rebuke, they promptly removed all references to external companies from their website. Nevertheless, the company still underscores the experience of previous Binance employees, notably Mayur Kamat, who served as the Global Head of Product under CZ at Binance.
Nouriel Roubini, renowned for his scathing criticisms of the crypto industry, is the driving force behind Atlas Capital's latest venture – the Atlas Climate Token.
This stablecoin is anchored to a diversified portfolio of tangible assets, including climate-resilient real estate investment trusts (REITs), sovereign bonds, commodities, and gold. Its primary objective is to amalgamate conventional financial assets with DeFi (Decentralized Finance) products to offer stability and intrinsic value.
Roubini's foray into the world of cryptocurrencies doesn't stop at introducing a stablecoin. Atlas Capital plans to introduce an exchange-traded fund (ETF) linked to the Atlas Roubini Macro Navigator Index in the first quarter of 2024.
The company is presently engaged in discussions with ETF issuers and distributors, aiming to democratize its climate investment strategy and make it accessible to everyday investors.
While Atlas's endeavors appear promising, skeptics argue that the frequent use of the term "decentralization" in solving global problems might serve as a guise to attract retail investors and potentially separate them from their funds.
Atlas Capital describes its offerings as "digital currency for resiliency." It claims to provide solutions for holding assets that have the potential to outperform traditional interest-bearing bank accounts. The company's approach is laden with buzzwords such as artificial intelligence (AI), machine learning (ML), climate technology, and blockchain, designed to appeal to prospective investors.
Nouriel Roubini, who is referred to as the chief economist of Atlas, discusses topics on the project's website that typically invoke fear, including climate change, pandemics, inflation, and civil unrest. The inclusion of a former Binance executive further underscores the project's industry expertise.
Atlas Capital makes commitments to direct capital toward climate funding and provide safeguards against inflation. However, the choice of cryptocurrency for its stablecoin remains undisclosed, sparking concerns about potential environmental implications. This stems from the substantial energy consumption associated with popular cryptocurrencies like Bitcoin and Ethereum.
Metaplanet, a Japanese firm known for its aggressive Bitcoin accumulation strategy, has announced plans to raise approximately $880 million through an overseas share issuance.
XingChiARK Invest bought $15.6 million worth of BitMine shares, raising its total investment in the company to over $300 million. BitMine is building a large Ethereum treasury, now holding 1.71 million ETH worth nearly $8 billion.
WeatherlyFundstrat’s Tom Lee said Ethereum may have reached its lowest point “within hours” as the crypto market began to recover. He highlighted that ETH’s current setup offers a strong risk-to-reward scenario, with a potential rebound to $5,100–$5,450 if the trend holds.
WeatherlyThe UAE has built a Bitcoin reserve of around 6,300 BTC, worth up to $740 million, mainly through state-backed mining. This makes it one of the largest national holders, ranking just ahead of El Salvador.
AnaisA Philippine lawmaker has proposed that the central bank buy 2,000 bitcoins each year for five years, creating a national reserve of 10,000 coins. The plan aims to strengthen the country’s finances and provide a long-term store of value alongside traditional reserves like gold and foreign currency.
WeatherlyJapan plans to tax crypto profits at a flat 20% instead of rates as high as 55%. The regulator also aims to allow crypto ETFs and approve the country’s first yen-backed stablecoin.
AnaisArthur Hayes, the BitMEX co-founder pardoned by Donald Trump, has invested in a stem cell firm with clinics in Mexico and Bangkok. He is also backing crypto treasury firms while warning that the market may already be overheating.
WeatherlyA Pennsylvania lawmaker has put forward a bill to stop politicians and their families from owning or trading crypto while in office. The plan follows claims that Donald Trump has used his role to profit from tokens like his own memecoin.
WeatherlyDBS has launched its first tokenised structured notes on Ethereum, breaking $100,000 investments into $1,000 units for easier trading. The notes, initially linked to cryptocurrencies, are available to accredited and institutional investors through local digital platforms.
WeatherlyWindtree is being delisted from Nasdaq after its share price crashed below the required $1 level. The company’s shift from biotech to holding BNB tokens failed to win investor trust, wiping out nearly all its value.
AnaisRoubini critiques Bitcoin's security, decentralization, and practicality, warning of regulatory challenges and advocating for objective assessment.
Huang BoRoubini says there’s no doubt that China and Russia are teaming up with allies to build an alternative monetary system that does not utilize USD.
dailyhodlTwitter变身“超级应用程序”，为用户提供透过eToro购买股票、加密货币及其他金融资产的选项。
fx168newsAdding payments would expand Twitter's commercial potential beyond its Twitter Tips feature, launched in partnership with Strike.
BeincryptoOn Thursday, a newly amended 13D filing revealed that Elon Musk assembled the team to take $7.1 billion out of his $44 billion Twitter takeover offer.
FtftxNouriel Roubini is helping to develop a tokenized financial instrument designed to provide major investors with an alternative to the U.S. dollar.
CointelegraphNouriel Roubini is helping develop a tokenized financial instrument aiming to act as an alternative to the U.S. dollar for major investors.
CointelegraphSocial media giants' acceptance of NFTs could be the beginning of a new reputation system in an increasingly digital world.
CointelegraphDAO, the fan club of crypto influencer and model Yuqing Irene Zhao, is guided by its core values of Simplicity, Wholeness, Meaning, and Purpose (SIMP).
CointelegraphThis feature is only available to paid users of Twitter Blue on iOS.
Cointelegraph