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Economist Nouriel Roubini backtracks on anti-crypto stance with digital dollar plans Economist Nouriel Roubini backtracks on anti-crypto stance with digital dollar plans

Economist Nouriel Roubini backtracks on anti-crypto stance with digital dollar plans

Atlas Capital, co-founded by Roubini, will work with web3 developer Mysten Labs to develop the โ€œUnited Sovereign Governance Gold Optimized Dollar.โ€ย 

Economist Nouriel Roubini backtracks on anti-crypto stance with digital dollar plans

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Long-term crypto critic Nouriel Roubini is working on a digital dollar through Atlas Capital Team L.P. that will serve as โ€œa more resilient dollar,โ€ Bloomberg News reported.

Atlas Capital, co-founded by Roubini, will work with web3 developer Mysten Labs to develop the โ€œUnited Sovereign Governance Gold Optimized Dollar.โ€ย 

According to Roubini, the company plans to โ€œcreate a global store of valueโ€ as it understands that the U.S. dollar’s current role as a reserve currency is vulnerable due to the U.S. government printing too much money and increasing de-dollarizing by hostile countries.

Roubini stated these plans while speaking with Bloomberg News and considered the inflation-proof tokenized dollar as a โ€œfinancial inclusion opportunity, ” as it will give people whoย donโ€™t have โ€œexposure to the dollar and have a need for stable portable value that replaces the dwindling value of their own local currency.โ€

Atlas Capital said:

โ€œThe future of money is digital and away from cash (banknotes and coins).โ€ย 

Roubini had previously criticized crypto

ย Roubini’s involvement in creating a digital currency is a surprise since he has ferociously criticized cryptocurrency and blockchain technology before.

During his appearance at the U.S. Senate banking committee hearing in 2018, he delivered a 37-page speech criticizing crypto. He famously referred to it as โ€œno better than a spreadsheet.โ€

In the same year, Roubini published a treatise on why CBDCs will destroy Bitcoin. He believes blockchain technology is overhyped, and CBDCs wonโ€™t need it to function effectively.

He wrote:

If anything, CBDCs would likely replace all private digital payment systems, regardless of whether they are connected to traditional bank accounts or cryptocurrencies.

The economist also criticized El Salvadorโ€™s president, Nayib Bukele, for buying Bitcoin using the countryโ€™s funds. He called for his impeachment, saying the Bitcoin investment had bankrupted the nation.

However, Roubini wonโ€™t be the first crypto critic to flip the script and adopt the technology. Hedge fund billionaire and former Bitcoin critic Ray Dalio changed his stance about Bitcoin last year, calling it an โ€œamazing accomplishment.โ€

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