Bitcoin’s Dr. Doom is Working on a Tokenized Asset That is More Resilient Than the USD

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 Staff LP
• Dr. Roubini emphasizes that the token shall be backed by actual belongings, a mix 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 business, referring to Bitcoin and DeFi as ‘vaporware’

Dr. Nouriel Roubini, generally often known as 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.’

Based on a report by Bloomberg, Bitcoin’s Dr. Doom is working with Dubai-based Atlas Capital Staff LP, the place he has been working for the final two years as co-founder and chief economist. The tokenized asset venture is geared in direction of trying to unravel rising issues over the quick tempo of inflation and the nervousness surrounding the long-term way forward for the USD.

Dr. Roubini expanded on this truth in a current interview the place he stated:

[The Fed] prints an excessive amount of cash and adversaries begin de-dollarizing. We acknowledged that America’s greenback reserve forex might be in danger and are working to create a brand new instrument that’s successfully a extra resilient greenback.

The Token Can be Backed By Actual Property

The tokenized asset by Dr. Roubini is deliberate to be backed by actual belongings, together with a mix 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 stated:

Our objective 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 fee options in it.

Launch of Such a Token Comes as a Shock; Dr. Doom has Been Towards Bitcoin and DeFi

Dr. Roubini’s involvement in a digital asset venture comes as a shock as he has a historical past of bashing Bitcoin, different cryptocurrencies, and DeFi as an entire.

In a single such instance, he stated that DeFi was vaporware from its inception and that blockchain expertise was ‘probably the most over-hyped expertise 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]