Economist Nouriel Roubini's Firm Reveals Climate-Focused Crypto Token
Critics are currently roasting economist Nouriel Roubini, whose disdain for cryptocurrency is well-documented, as his company Atlas Capital announces its venture into the very market he once scorned. The firm is rolling out a crypto asset token crafted to combat the "negative effects of climate change," marking a significant shift from Roubini's previous stance when he labeled crypto enthusiasts as "corrupt, crooks, criminals, conmen, carnival barkers."
Dubbed ‘Dr. Doom’ for his stark skepticism, Nouriel Roubini has maintained a consistent stance against crypto assets. In a notable mid-October 2019 clash, Roubini squared off with the well-known entrepreneur and crypto evangelist Roger Ver, declaring "bitcoin or any other sh** coin" a non-starter for legitimate financial transactions. During that exchange, Ver challenged Roubini's hesitance to embrace crypto assets asking "Why are you afraid to try it?"
Fast forward four years, and it appears that Atlas Capital, under Roubini's leadership, has softened its stance, confidently introducing a new crypto asset known as atlas (ACT). The ACT token is designed to confront climate change, offering "everyday investors" a "climate investment strategy that is available on low-cost, liquid terms." Its backing comes from tangible assets such as gold, bonds, commodities, and "climate-resilient" real estate investment trusts (REITs).
The ACT Initiative's Enhanced Approach to Climate Change
Laden with today's trendiest jargon and tech-infused buzzwords, the ACT initiative's overview boasts enhancements from artificial intelligence (AI), machine learning (ML), climate tech, and blockchain. This pivot to a crypto asset project has led to widespread mockery of Roubini, with many labeling his move as sheer hypocrisy. Binance CEO Changpenz Zhao called Roubini shameless.
"Some people are shameless," CZ wrote. "After attacking Binance publicly on stage a year ago, now issues a token and puts [a] Binance logo on their website WITHOUT permission."
One of the members of the Atlas Capital token team is a former Binance executive. Furthermore, the mocking of Roubini continued across social media over the past 24 hours. "Buzzword galore," Bram Kanstein wrote. "It's OK because it's ESG crypto amirite," Jameson Lopp said. "Wow, my bestie Nouriel included all the buzzwords it must mean he is going to make money," Bitmex founder Arthur Hayes added. The crypto account dubbed "Autism Capital" remarked:
"No way. Why sell out and grift after all this time? This seems to be a common pattern. The ones who fight the grift seem to grift later at an inappropriate time and have it look way worse than if they just grifted when it was the right time. SAD!"
Notable Figures Behind the ACT Token
Roubini has remained silent in the face of the backlash, despite being mentioned in numerous social media updates. His posts have remained sharply concentrated on the escalating conflict between Israel and Hamas, as well as on what he calls a "climate disaster." The team behind the ACT token also stars notable industry figures, including Reza Bundy, the co-founder of Iron Planet; Paschalis Bouchoris, Blackrock's former chief in the Middle East; Puneet Agarwal, an erstwhile Goldman Sachs executive; and Mayur Kamat, ex-head of product at Binance.
What do you think about Dr. Doom or Nouriel Roubini's climate crypto token? Do you think it shows sheer hypocrisy? Share your thoughts and opinions about this subject in the comments section below.
Frequently Asked Questions
Who owns the gold in a Gold IRA?
The IRS considers an individual who owns gold as holding “a form of money” subject to taxation.
This tax-free status is only available to those who have owned at least $10,000 of gold and have kept it for at minimum five years.
While gold may be a great investment to help prevent inflation and volatility in the market, it's not wise to keep it if you won't use it.
If you are planning to sell your gold someday, it is necessary that you report its value. This can affect the capital gains taxes that you owe when cashing in on investments.
It is a good idea to consult an accountant or financial planner to learn more about your options.
Is it possible to hold a gold ETF within a Roth IRA
Although a 401k plan might not provide this option, you should still consider other options like an Individual Retirement Account (IRA).
An IRA traditional allows both employees and employers to contribute. Another option is to invest in publicly traded corporations with an Employee Stockownership Plan (ESOP).
An ESOP can provide tax advantages, as employees are allowed to share in company stock and the profits generated by the business. The money invested in the ESOP is then taxed at lower rates than if it were held directly in the hands of the employee.
A Individual Retirement Annuity is also possible. You can make regular payments to your IRA throughout your life, and you will also receive income when you retire. Contributions made to IRAs are not taxable.
Should you open a Precious Metal IRA
Precious metals are not insured. This is the most important fact to know before you open an IRA account. There are no ways to recover the money you lost in an investment. This includes all investments that are lost to theft, fire, flood, or other causes.
This type of loss can be avoided by investing in physical silver and gold coins. These items can be lost because they have real value and have been around for thousands years. These items are worth more today than they were when first produced.
If you decide to open an IRA account, choose a reputable company that offers competitive rates and products. It is also a smart idea to use a third-party trustee who will help you have access to your assets at all times.
When you open an account, keep in mind that you won't receive any returns until your retirement. So, don't forget about the future!
What precious metals can you invest in for retirement?
Silver and gold are two of the most valuable precious metals. They're both easy to buy and sell and have been around forever. They are a great way to diversify your portfolio.
Gold: One of the oldest forms of currency, gold, is one of mankind's most valuable. It is also extremely safe and stable. Because of this, it's considered a good way to preserve wealth during times of uncertainty.
Silver: Investors have always loved silver. This is a great choice for people who want to avoid volatility. Unlike gold, silver tends to go up instead of down.
Platinium: Another form of precious metal is platinum, which is becoming more popular. It's like silver or gold in that it is durable and resistant to corrosion. It's also more expensive than the other two.
Rhodium – Rhodium is used to make catalytic conversions. It is also used for jewelry making. And, it's relatively cheap compared to other types of precious metals.
Palladium: Palladium is similar to platinum, but it's less rare. It's also more accessible. For these reasons, it's become a favorite among investors looking to add precious metals to their portfolios.
Statistics
- The price of gold jumped 131 percent from late 2007 to September 2011, when it hit a high of $1,921 an ounce, according to the World Gold Council. (aarp.org)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- Contribution limits$6,000 (49 and under) $7,000 (50 and up)$6,000 (49 and under) $7,000 (50 and up)$58,000 or 25% of your annual compensation (whichever is smaller) (lendedu.com)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
External Links
cftc.gov
law.cornell.edu
- 7 U.S. Code SS7 – Designation Boards of Trade as Contract Markets
- 26 U.S. Code SS 408 – Individual retirement accounts
wsj.com
- Saddam Hussein’s InvasionHelped Uncage a Bear In 1989 – WSJ
- Are you interested in keeping gold in your IRA at-home? It's Not Exactly Lawful – WSJ
finance.yahoo.com
How To
The best way online to buy gold or silver
You must first understand the workings of gold before you can purchase it. Gold is a precious metallic similar to Platinum. It is rare and used as money due to its durability and resistance against corrosion. It is hard to use, so most people prefer jewelry made of it to real bars of gold.
There are two types of gold coins available today – one type is legal tender, while the other is called bullion. Legal tender coins can be used for circulation within a country. These coins usually come in denominations such $1, $5 and $10.
Bullion coins should only be used for investment purposes. Inflation can cause their value to increase.
They cannot be used in currency exchanges. If a person purchases $100 worth of gold, 100 grams of the gold will be given to him/her. The $100 value is $100. Every dollar spent on gold purchases, the buyer receives one gram of gold.
When you are looking to purchase gold, the next thing to know is where to get it. If you want to purchase gold directly from a dealer, then a few options are available. You can start by visiting your local coin shop. Another option is to go through a reputable site like eBay. Finally, you can look into purchasing gold through private sellers online.
Private sellers are individuals that offer gold at wholesale or retail prices. Private sellers charge a 10% to 15% commission per transaction. A private seller will usually return less money than a coin shop and eBay. This is a great option for gold investing because you have more control over the item’s price.
An alternative option to buying gold is to buy physical gold. Physical gold is much easier to store than paper certificates, but you still have to worry about storing it safely. It is important to keep your physical gold safe in an impenetrable box such as a vault, safety deposit box or other secure container.
If you are looking to purchase gold on your own, you have two options: a bank or an pawnshop. A bank can give you a loan up to the amount you intend to invest in Gold. The pawnshop is a small business that allows customers to borrow money to buy items. Banks usually charge higher interest rates that pawn shops.
You can also ask for help to purchase gold. Selling gold can also be done easily. A company such as GoldMoney.com can help you set up a simple bank account and get paid immediately.
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By: Jamie Redman
Title: Dr. Doom Embraces What He Once Scorned: Nouriel Roubini’s Firm Rolls Out Crypto Amidst Criticism
Sourced From: news.bitcoin.com/dr-doom-embraces-what-he-once-scorned-nouriel-roubinis-firm-rolls-out-crypto-amidst-criticism/
Published Date: Thu, 09 Nov 2023 00:30:36 +0000
