Years of cryptocurrency critics have changed, and "Dr. Doom" has also entered the crypto world

Author: Wu Yu, source: Jinshi data

Nouriel Roubini, known as “Doctor Doom”, has been slamming cryptocurrencies for the past few years. Now, his asset management company is creating its own cryptocurrency.

Roubini’s Atlas Capital said in an Oct. 31 statement that it is launching the Atlas Climate Token, a stablecoin based on blockchain technology that will be pegged to a “carefully selected portfolio of assets” in reality, including climate-resilient REITs, inflation-protected government bonds, gold and other commodities.

These investments are in line with what Roubini has previously touted, with the famously pessimistic economist warning of a series of potential catastrophes.

Over the past year, he has sounded the alarm about rising debt and financial risks, which he believes will plunge the United States into runaway inflation. In addition, war, ravaging disease, and climate change will further complicate the situation. He suggests that investors should invest heavily in assets that hedge these risks.

Atlas claims that the investments underpinning its stablecoins have a history of success. The company said in a statement that its portfolio has been profitable for 48 of the past 51 years, with an average return of 8.2%.

Atlas added that its portfolio returns are projected to have quadrupled over the past 30 years, while the dollar has fallen by more than half on an inflation-adjusted basis. The company also plans to launch an exchange-traded fund (ETF) in the first quarter of 2024.

The issuance of cryptocurrencies is a huge shift for Roubini, who has previously called cryptocurrencies “completely corrupt” and “the biggest criminal robbery in human history.” Earlier this year, he also warned that “the crypto apocalypse is coming” as regulators crack down on misconduct in the space.

Roubini is known for being consistently bearish on the economy and markets. He was one of the first economists to predict the subprime mortgage crisis in 2008. For much of the past two decades, he has warned that the U.S. economy will face some form of catastrophe. This drew criticism from other experts, some of whom referred to Roubini as the “perma-bear”.