Fast take:
- Dr. Nouriel Roubini is reportedly engaged on a tokenized asset that’s extra resilient than the US greenback
- He’s working with Dubai-based Atlas Capital Crew LP
- Dr. Roubini emphasizes that the token can be backed by actual belongings, a combination of short-term US Treasuries, gold, and US property
- His involvement in a crypto-project comes as a shock as Dr. Roubini has a historical past of bashing the trade, referring to Bitcoin and DeFi as ‘vaporware’
Dr. Nouriel Roubini, generally often called Bitcoin’s Dr. Doom, is reportedly engaged on a number of monetary merchandise together with a tokenized asset designed to be extra resilient than the US greenback ‘within the face of upper inflation, local weather change and civil unrest.’
In line with a report by Bloomberg, Bitcoin’s Dr. Doom is working with Dubai-based Atlas Capital Crew LP, the place he has been working for the final two years as co-founder and chief economist. The tokenized asset mission is geared in direction of trying to unravel rising issues over the quick tempo of inflation and the anxiousness surrounding the long-term way forward for the USD.
Dr. Roubini expanded on this reality in a latest interview the place he mentioned:
[The Fed] prints an excessive amount of cash and adversaries begin de-dollarizing. We acknowledged that America’s greenback reserve forex could possibly be in danger and are working to create a brand new instrument that’s successfully a extra resilient greenback.
The Token Will likely be Backed By Actual Property
The tokenized asset by Dr. Roubini is deliberate to be backed by actual belongings, together with a combination of short-term US Treasuries, gold, and US property within the type of Actual Property Funding Trusts. Such belongings are anticipated to not be affected by local weather change in comparison with others.
Atlas Capital’s co-founder and CEO Reza Bundy additional elaborated how the token would work. He mentioned:
Our purpose is to create a worldwide retailer of worth. That is one thing akin to an alternative choice to Treasuries, or a digital asset that has cost options in it.
Launch of Such a Token Comes as a Shock; Dr. Doom has Been In opposition to Bitcoin and DeFi
Dr. Roubini’s involvement in a digital asset mission comes as a shock as he has a historical past of bashing Bitcoin, different cryptocurrencies, and DeFi as a complete.
In a single such instance, he stated that DeFi was vaporware from its inception and that blockchain know-how was ‘probably the most over-hyped know-how in human historical past.’ In one other occasion, he pointed out that ‘The Flintstones had a extra subtle financial system (than tokenized bitcoin/shitcoins) primarily based on a single numeraire benchmark: the cartoon cavemen used shells.’
[Feature image courtesy of Nouriel Roubini on Facebook]
