Economist Nouriel Roubini, also known as Dr Doom, has made a surprising shift in his position on cryptocurrencies by launching his own cryptocurrency. This unexpected turn of events has sparked debate, with Binance co-founder and CEO Changpeng Zhao expressing his displeasure.
Roubini, who once called Bitcoin a “shitcoin,” ridiculed Ethereum, and condemned blockchain technology as little more than a spreadsheet, has suddenly entered the cryptocurrency realm with his latest endeavor. Zhao, on the other hand, was not pleased with this surprise move.
Some people are shameless.
— CZ 🔶 Binance (@cz_binance) November 7, 2023
Roubini has decided to launch a stablecoin. According to the project’s website, the Atlas Climate Token (ACT) is a blockchain-based stablecoin, not just a digital investment contract. According to the project website, the stablecoin is intended to be tethered to a wide portfolio of tangible real-world assets such as climate-resilient REITs, key commodities, inflation-hedged sovereign bonds, and gold.
Atlas is also in active conversations with top-tier ETF issuers and distributors to facilitate the ETF’s launch, according to the website.
Taking to X, Zhao did not hold back in criticizing Roubini. “Some people are shameless,” he wrote.
Why It’s Important:
In an ironic twist, Roubini’s new crypto company, Atlas Capital, touted the experience of one of its team members who formerly worked at Binance, presumably as confirmation of their own credibility. Zhao was not pleased with this move.
Zhao accused Roubini of using the Binance logo without authorization on Atlas Capital’s website. Atlas Capital has deleted all external firm logos, including Binance’s, from its website’s “Team” page after Zhao’s post.
Interestingly, during a CNBC live event in Abu Dhabi last year, Roubini described Zhao bluntly. He was described as a “walking time bomb.”
According to Benzinga Pro, Bitcoin BTC/USD was trading at $36,338.55 at the time of writing, up 2.29% in the previous 24 hours.