Nouriel Roubini, a prominent economist known for his staunch criticism of Bitcoin and cryptocurrencies, has made an unexpected move by launching his own token. Roubini, who has previously referred to Bitcoin as “shitcoin” and labeled cryptocurrencies as the “biggest criminal scam in human history,” has founded Atlas Capital, a FinTech company.
Despite his past disparaging remarks about crypto, Atlas Capital is planning to issue a stablecoin called ACT (Atlas Climate Token). This stablecoin aims to serve as a “stable hedge for US dollar-denominated assets” and a digital store of value, especially for vulnerable communities. ACT will also combine assets from both traditional finance (TradFi) and decentralized finance (DeFi).
Roubini’s company is not stopping at just a stablecoin. They are also working on an ETF (Exchange-Traded Fund) and have developed the Atlas Roubini Macro Navigator Index. The ETF, set to launch in Q1 2024, will provide climate-focused investment strategies with liquidity and low costs for everyday investors.
This sudden shift in Roubini’s approach to crypto has surprised many, especially considering his history of strongly criticizing the industry. Some members of the crypto community have raised concerns that Roubini’s endeavors may be more about personal gain than addressing global issues through decentralization.
Furthermore, Atlas Capital initially displayed logos of various companies, including Binance, on their website, which sparked controversy and led to the removal of these logos. This incident added to the skepticism surrounding Roubini’s crypto-related ventures.