Prominent economist Nouriel Roubini, notorious for his scathing critiques of cryptocurrencies, has taken an unexpected turn by venturing into the crypto space himself. Roubini, often referred to as “Dr. Doom” for his pessimistic outlook, has co-founded a cryptocurrency project named “Atlas.”
In a surprising shift from his previous stance, this crypto project is marketed as a climate-focused token that aims to deliver accessible and scalable returns in regions that need them the most. The official website of Atlas asserts that the token is tied to a thoughtfully curated portfolio of tangible real-world assets. These assets include climate-resilient Real Estate Investment Trusts (REITs), strategic commodities, inflation-hedged sovereign bonds, and gold.
Nouriel Roubini’s sharp criticisms of the crypto industry in the past are well-documented. In November 2022, during Abu Dhabi Finance Week, he described the entire crypto ecosystem with seven “C” words: concealed, corrupt, crooks, criminals, conmen, carnival barkers, and CZ, which is a reference to Changpeng Zhao, the CEO of Binance.
In January 2023, as the FTX exchange faced challenges, Roubini once again didn’t hold back in his criticism. He asserted that 99% of crypto was a blend of scam, criminal activity, bubble, and a massive Ponzi scheme. Furthermore, he remained unconvinced by blockchain technology independently of cryptocurrencies, declaring it as the most overhyped technology ever.
Nouriel Roubini’s entry into the cryptocurrency sphere has not been without controversy. Binance CEO Changpeng Zhao (CZ) called him out for featuring the Binance logo on the Atlas project’s website without the exchange’s authorization, despite Roubini’s prior public criticisms of Binance. Bitmex co-founder Arthur Hayes also poked fun at Roubini’s crypto project, referring to Atlas as a token that employs various buzzwords like AI, ML, climate technology, and blockchain, implying that it’s merely a trendy venture.
This unexpected twist in Nouriel Roubini’s stance on cryptocurrencies is sure to raise eyebrows and ignite discussions within the crypto community and beyond.