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

Quick take:

  • Dr. Nouriel Roubini is reportedly working on a tokenized asset that is more resilient than the US dollar
  • He is working with Dubai-based Atlas Capital Team LP
  • Dr. Roubini emphasizes that the token will be backed by real assets, a mixture of short-term US Treasuries, gold, and US property
  • His involvement in a crypto-project comes as a surprise as Dr. Roubini has a history of bashing the industry, referring to Bitcoin and DeFi as ‘vaporware’

Dr. Nouriel Roubini, commonly known as Bitcoin’s Dr. Doom, is reportedly working on several financial products including a tokenized asset designed to be more resilient than the US dollar ‘in the face of higher inflation, climate change and civil unrest.’

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According to a report by Bloomberg, Bitcoin’s Dr. Doom is working with Dubai-based Atlas Capital Team LP, where he has been working for the last two years as co-founder and chief economist. The tokenized asset project is geared towards attempting to solve growing concerns over the fast pace of inflation and the anxiety surrounding the long-term future of the USD.

Dr. Roubini expanded on this fact in a recent interview where he said:

[The Fed] prints too much money and adversaries start de-dollarizing. We recognized that America’s dollar reserve currency could be at risk and are working to create a new instrument that’s effectively a more resilient dollar.

The Token Will be Backed By Real Assets

The tokenized asset by Dr. Roubini is planned to be backed by real assets, including a mixture of short-term US Treasuries, gold, and US property in the form of Real Estate Investment Trusts. Such assets are expected not to be affected by climate change compared to others.

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Atlas Capital’s co-founder and CEO Reza Bundy further elaborated how the token would work. He said:

Our goal is to create a global store of value. This is something akin to a substitute for Treasuries, or a digital asset that has payment features in it.

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

Dr. Roubini’s involvement in a digital asset project comes as a surprise as he has a history of bashing Bitcoin, other cryptocurrencies, and DeFi as a whole.

In one such example, he stated that DeFi was vaporware from its inception and that blockchain technology was ‘the most over-hyped technology in human history.’ In another instance, he pointed out that ‘The Flintstones had a more sophisticated monetary system (than tokenized bitcoin/shitcoins) based on a single numeraire benchmark: the cartoon cavemen used shells.’

[Feature image courtesy of Nouriel Roubini on Facebook]

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