Economist Nouriel Roubini has called Bitcoin "the mother of all bubbles" and crypto "the biggest criminal heist in human history."
And now he's launching a token. Also, the project's website manages to mention buzzwords you'd expect from a West Coast startup founder -- AI, ML, RWAs, and DeFi -- but, not for someone who, as recently as last year, called crypto a "collapsing Ponzi scheme."
Technical details are scarce, but this isn't code for a digital, web2 investment contract either. It's an actual blockchain-based stablecoin, according to the project's website.
"Enabled by Blockchain"
The economist known as "Dr. Doom" is the co-founder and Chief economist behind Atlas Capital, which describes itself as a "FinTech company, designing technology-driven solutions addressing macro, geopolitical and climate risks."
The project is "enabled by AI, ML, Climate Technology and Blockchain."
The Atlas Climate Token
The Atlas Climate Token is a stablecoin that will be pegged to a "portfolio of liquid real-world assets—climate-resilient REITs, strategic commodities, inflation-hedged sovereign bonds, and gold," according to the website. It will "integrate tangible, regulated safe haven assets with TradFi and DeFi products."
ACT aims to be a "stable complementary hedge to US dollar instruments," as well as a "digital store of value and, over time, means of payment to vulnerable communities."
Roubini will get the full crypto journey in a single project: From launching a stablecoin, to onboarding RWAs and even trying to launch an ETF. Atlas has developed the Atlas Roubini Macro Navigator Index and is planning to issue an exchange traded fund tied to it in Q1 2024.
"The firm is presently in active talks with top-tier ETF issuers and distributors for this launch," the website says.
With the ETF and token, Atlas aims to make its climate investment strategy available to "everyday investors on low-cost, liquid terms."
But buyer beware. There are some nay-sayers out there argue that "the promise to cure the world's ills through 'decentralization' was just a ruse to separate retail investors from their hard-earned real money."