Economist Nouriel Roubini is well-known for nailing the twists and turns of the global markets and is best remembered for being among the first to predict the 2008 subprime mortgage crisis an
Economist Nouriel Roubini is well-known for nailing the twists and turns of the global markets and is best remembered for being among the first to predict the 2008 subprime mortgage crisis and the subsequent Great Recession.
He also predicted as early as 2020 that the COVID-19 recession would be worse than the 2008 crisis. His correct forecasts about the economic downturns have earned him the moniker of "Dr. Doom."
Related: Wall Street is moving its biggest assets onto the blockchain
Roubini is one of the most vocal critics of cryptocurrencies like Bitcoin (BTC) and the blockchain technology underlying these assets.
A blockchain is a decentralized and immutable digital ledger that securely records transactions across a network of computers. A cryptocurrency is a digital currency secured by cryptography that is mined on a blockchain network.
In 2018, Roubini remarked, "99% of crypto land is one sh*tcoin traded for another sh*tcoin."
While speaking at the London Speaker Bureau in 2019, he also criticized the blockchain technology, saying it won't disrupt finance over the next decade. He said the ongoing FinTech revolution is based on artificial intelligence/machine learning (AI), Big Data and the Internet of Things (IoT) and has got nothing to do with crypto or blockchain.
"Blockchain has been heralded as a potential panacea for everything from poverty and famine to cancer. In fact, it is the most overhyped–and least useful–technology in human history. In practice, blockchain is nothing more than a glorified spreadsheet."
Though the blockchain fundamentalists claim to pretend to be "messiahs for the world’s impoverished, marginalized, and unbanked masses," they have "created billions of dollars of wealth out of nothing," he decried.
The economist claimed that blockchain is not about decentralization and democracy but about "greed."
Atlas Capital Team, an investment firm co-founded by Roubini, launched its inaugural exchange-traded fund (ETF) called the Atlas America Fund (Nasdaq: USAF) in November 2024.
The USAF ETF offers both institutional and retail investors in the United States exposure to U.S. Treasuries, real estate, gold, and agricultural commodities.
On June 23, Roubini surprised the crypto industry by announcing the launch of USAFi, a permissionless ERC-20 digital security backed by the USAF, in the third quarter of 2026.
Tokenization is the process of converting the rights to a real-world asset (RWA) such as real estate, stocks, or art into digital tokens on a blockchain.
In simple words, USAFi is a digital token that represents the ownership of the Atlas America Fund (USAF).
The economist, very critical of cryptocurrencies and blockchain technology for a long time, has co-authored the USAFi whitepaper.
Roubini said that he had long argued that most digital assets offer no protection from trade wars, sanctions, and inflation because these assets are not backed by real assets.
But USAFi is different in that it is a reserve diversified across Treasuries, gold, food, cyber, and other industries being reshaped by AI, he argued.
"That is why I have moved from criticism to participation. This is an instrument built for the world as it actually is, not the world as we wish it were," the economist admitted.
Atlas AI Labs, Atlas Capital Team's Dubai subsidiary, has secured the in-principle approval from Dubai's Virtual Assets Regulatory Authority (VARA) for the token. Once it secures the full issuance license, the token will launch during Q3 2026.
