Nouriel Roubini, an economics professor at NYU who has been an outspoken critic of cryptocurrencies, has made a surprising move to advise an asset that incorporates a crypto token. The asset is called ATLAS, which stands for Asset Trust for Land, Adaptation, and Sustainability. It is being launched by a fintech company called Atlas.
ATLAS aims to help investors build resilient portfolios that can withstand the potential impacts of climate change. Atlas claims that as the climate warms, the ATLAS token and related funds will outperform traditional assets. In addition to the token, Atlas plans to launch an ATLAS ETF and index fund in 2024.
On the Atlas website, Roubini appears in a video describing threats like climate change, pandemics, inflation, and civil strife. As chief economist for Atlas, Roubini’s strong support for the crypto-linked ATLAS asset marks a dramatic turnaround from his previous skepticism of cryptocurrencies.
Atlas states its products utilize AI, machine learning, climate tech, and blockchain to direct capital towards climate resilience. However, it is vague on details of how blockchain technology is necessary or helpful for addressing climate change. The promised token is supposed to be “inflation-protected” but the mechanics of how this works are unclear.
Furthermore, Atlas does not specify which cryptocurrency the ATLAS token will be built on top of. This could become a point of controversy given environmentalist arguments that Bitcoin and Ethereum waste enormous amounts of energy.
Overall, Atlas seems to throw around buzzwords like “AI”, “climate tech” and “blockchain” in an effort to entice investment for its untested products. The support of previous crypto critic Nouriel Roubini lends legitimacy, but more details are needed on how ATLAS will tangibly benefit retail investors concerned about climate change. Roubini’s sudden embrace of crypto-linked assets after years of attacks also raises questions.
