Crypto Expert Nouriel Roubini Develops Tokenized Assets, Aiming at Replacing USD

Crypto-basher economist Nouriel Roubini is developing a tokenised asset designed to counter the volatility of the U.S. dollar due to inflation, climate change, and more.

According to Bloomberg’s report, Roubini is developing a tokenised U.S. dollar backed by a physical asset in partnership with the Dubai-based firm Atlas Capital Team he co-founded.

Rubini says:

“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 launch token will be issued later this year. Unlike traditional cryptocurrencies, which are usually not backed by any asset, the token is backed by U.S. real estate, primarily in the form of a REIT.

A real estate investment trust, also known as a real estate trust, real estate trust; is an investment vehicle similar to a closed-end mutual fund, but the investment object is real estate. Mainly through the securitisation of real estate and the fundraising of many investors, ordinary investors without huge capital can participate in the real estate market with a lower threshold and obtain the profits brought by real estate market transactions, rents and appreciation.

Therefore, REITs are less affected by short-term US Treasuries, gold and climate change.

Roubini, who has publicly denounced Bitcoin, Ethereum and blockchain technology for years, sees the product as an opportunity to provide value to people who have no access to the dollar and whose national currencies are devalued.

Image source: Shutterstock


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Tomorrow, The Community Will Buy $30 In BTC To Support El Salvador’s Bitcoin Law

The day is here. In a few hours, El Salvador’s Bitcoin Law goes into effect. We will have the first real-world example of a whole nation using the hardest money ever created as legal tender. And, how is the Bitcoin community celebrating? Stack sats, obviously. The order is for everyone to buy $30 worth of BTC to commemorate this glorious occasion. Will you participate?

Related Reading | The 411 On “Adopting Bitcoin,” A Lightning Network Conference in El Salvador

The intention is not to move the dial or pump the price. The amount is small enough to guarantee that, even if the event goes viral. Which it seems like it’s doing. The movement started humbly, with a Reddit post in the /r/Bitcoin community that asked a simple question. So… We all buying $30 worth of Bitcoin on Tuesday? At the time of writing, the idea has 8.9K upvotes and 2.2K commentaries. 

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Among the comments, some went all-in. “I will buy $3000 tuesday to cover 99 others who arent able to pay.” Others explained away, “Its to show solidarity with our Bitcoin compatriots in El Salvador as they fully adopt Bitcoin as their currency.” And other rightfully criticized, “Sure. Lets just coordinate a 100 mil pump of BTC. Correct me if I’m wrong but this sounds greasy.”

El Salvador's Bitcoin Law, buy $30 in BTC flyer

El Salvador's Bitcoin Law, buy $30 in BTC flyer

And, sure enough, the idea to back El Salvador’s Bitcoin Law spread to other social networks.

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Bitcoin Twitter Will Support El Salvador’s Bitcoin Law

The plebs work fast. As soon as the idea transcended Reddit and got to Bitcoin Twitter, the memes appeared. This piece of art mixes the classic comedy “Trading Places” with El Salvador’s Bitcoin Law, with gold bug Peter Schiff and Bitcoin hater Nouriel Roubini to achieve hilarious effects:

Even MicroStrategy’s CEO and notorious Bitcoin enthusiast joined the party. Michael Saylor did his part to support El Salvador’s Bitcoin Law and spread the word to the sizable audience that follows him.

Of course, this raised suspicion. “Everyone needs to be aware that this could possibly be leading the sheep to their death.  Very nerve wracking these narratives are coming out before we hit the HUGE retracement levels,” said one commenter. “A hole. Letting retail buy exactly on the 70.2% retracement to dump on them huh,” said another. “If the bear market starts this week I wouldn’t be surprised,” predicted a third one. 

Are they on to something or are they missing something? Michael Saylor strongly stated that MicroStrategy is not looking to sell any of their BTC any time soon, but, people have lied before. Do you know what doesn’t lie, though? Bitcoin. If Michael Saylor and company sell on El Salvador’s Bitcoin Law’s day, people will know. The same thing will happen if they buy.

BTCUSD price chart for 09/06/2021 - TradingView

BTCUSD price chart for 09/06/2021 - TradingView

BTC price chart for 06/09/2021 on Oanda | Source: BTC/USD on

The International Community Will Also Buy $30 Worth Of BTC

Here, we can see a Korean bitcoiner translating the order to support El Salvador’s Bitcoin Law and the community from that side of the world responding below. 

It’s curious that the translated tweet, one of the first ones in that social network, talks about a Brazilian Bitcoin Community and that they’re doing it “remembering that Sep 7th is Brazil’s independence Day.” As far as we can tell, they link to the same /r/Bitcoin post we identified as the origin and almost all of the posts there are in English. 

Related Reading | Michael Saylor Brings The Thunder To Venezuelan Bitcoin-Only Podcast

It’s also curious that the Satoshi Nakamoney character keeps adding up to the story as it progresses, and ends up declaring.“To be clear: massive #bitcoin buy will happen at 3pm of El Salvador time zone.

Will this collective action pump the price as El Salvador’s Bitcoin Law goes into effect? Maybe the plebs can’t do it by themselves, but what about doing it with Michael Saylor’s help? Another fascinating activity to monitor tomorrow. Legal Tender day is here.

Featured Image: Bitcoin Day Flyer | Charts by TradingView/a>


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Roubini and Taleb tell CoinGeek conference data matters, not tokens

Economist Nouriel Roubini and former risk analyst Nassim Taleb took aim at crypto at the CoinGeek conference this week, while the always controversial Craig Wright boasted that the BSV blockchain was on track to hit billions of transactions a second.

Taleb, the author of best-selling economic books Black Swan and Skin in the Game, was a controversial addition to the lineup of the CoinGeek Conference in Zurich and came under fire on social media for giving BSV legitimacy.

Roubini meanwhile, offered a “greatest hits” version of his of attacks against crypto, familiar from crypto conferences prior to the pandemic.

“There is no reliability, no regulation, no AML, no KYC. [Crypto] is used by terrorists, money launderers, human traffickers, criminals, tax evaders.”

Roubini argued that cryptographic tokens — which includes BSV presumably — are unnecessary and should be isolated from the value of the decentralized data verification enabled by blockchain technology.

“Data is very valuable, it’s the new oil,” he explained, lamenting that “99%” of the fintech application “has nothing to do with cryptocurrencies.” What is needed, Roubini explained, is a service that is “reliable, that stores the data, says who owns it and who pays for it.”

Taleb followed Roubini on the panel, agreeing that the data utilities enabled by cryptocurrency should be understood as a separate phenomenon to the cryptographic tokens issued by many blockchain projects. He shared his belief that those who need crypto and those who can use it are not aligned, adding:

“Who needs cryptos? Well, criminals need cryptos, except it doesn’t work for them.”

Related: Bitcoin’s usefulness is on a whole other level, depending on where you live

The host attempted to get the panel back on track asking Taleb if he agrees that “BTC does not represent what the Bitcoin Whitepaper describes.”

In response, Taleb admitted he thinks Bitcoin in its current form does not resemble the whitepaper, but countered that “the currency in the whitepaper may not be what we are looking for.”

NChain’s chief scientist, Craig Wright, talked up BSV, asserting it was “never designed to be a currency, it’s digital cash” and went on to make the claim:

“We will have a billion transactions a second in a few years, and then we will do one trillion a second.”

As you might expect, those Bitcoiners who did tune in were hate watching the broadcast, including YouTuber “BTC Sessions” who shared that they only “hopped on the stream for a second just to give it a thumbs down.”

Wright’s chief critic Arther van Pelt also tuned in to throw stones and tweeted that the panel was receiving very little viewership, calling it a “clown show.”