Critics are currently roasting economist Nouriel Roubini, whose disdain for cryptocurrency is well-documented, as his company Atlas Capital announces its venture into the very market he once scorned. The firm is rolling out a crypto asset token crafted to combat the “negative effects of climate change,” marking a significant shift from Roubini’s previous stance when he labeled crypto enthusiasts as “corrupt, crooks, criminals, conmen, [and] carnival barkers.”
Economist Nouriel Roubini’s Firm Reveals Climate-Focused Crypto Token
Dubbed ‘Dr. Doom’ for his stark skepticism, Nouriel Roubini has maintained a consistent stance against crypto assets. In a notable mid-October 2019 clash, Roubini squared off with the well known entrepreneur and crypto evangelist Roger Ver, declaring “bitcoin or any other sh** coin” a non-starter for legitimate financial transactions. During that exchange, Ver challenged Roubini’s hesitance to embrace crypto assets asking “Why are you afraid to try it?”
Fast forward four years, and it appears that Atlas Capital, under Roubini’s leadership, has softened its stance, confidently introducing a new crypto asset known as atlas (ACT). The ACT token is designed to confront climate change, offering “everyday investors” a “climate investment strategy that is available on low-cost, liquid terms.” Its backing comes from tangible assets such as gold, bonds, commodities, and “climate-resilient” real estate investment trusts (REITs).
Laden with today’s trendiest jargon and tech-infused buzzwords, the ACT initiative’s overview boasts enhancements from artificial intelligence (AI), machine learning (ML), climate tech, and blockchain. This pivot to a crypto asset project has led to widespread mockery of Roubini, with many labeling his move as sheer hypocrisy. Binance CEO Changpenz Zhao called Roubini shameless.
“Some people are shameless,” CZ wrote. “After attacking Binance publicly on stage a year ago, now issues a token and puts [a] Binance logo on their website WITHOUT permission.”
One of the members of the Atlas Capital token team is a former Binance executive. Furthermore, the mocking of Roubini continued across social media over the past 24 hours. “Buzzword galore,” Bram Kanstein wrote. “It’s OK because it’s ESG crypto amirite,” Jameson Lopp said. “Wow my bestie Nouriel included all the buzzwords it must mean he is going to make money,” Bitmex founder Arthur Hayes added. The crypto account dubbed “Autism Capital” remarked:
No way. Why sell out and grift after all this time? This seems to be a common pattern. The ones who fight the grift seem to grift later at an inappropriate time and have it look way worse than if they just grifted when it was the right time. SAD!
Roubini has remained silent in the face of the backlash, despite being mentioned in numerous social media updates. His posts have remained sharply concentrated on the escalating conflict between Israel and Hamas, as well as on what he calls a “climate disaster.” The team behind the ACT token also stars notable industry figures, including Reza Bundy, the co-founder of Iron Planet; Paschalis Bouchoris, Blackrock’s former chief in the Middle East; Puneet Agarwal, an erstwhile Goldman Sachs executive; and Mayur Kamat, ex-head of product at Binance.
What do you think about Dr. Doom or Nouriel Roubini’s climate crypto token? Do you think it shows sheer hypocrisy? Share your thoughts and opinions about this subject in the comments section below.