EY Blockchain Whiz Quits Crypto, Says Adoption Not in Bitcoin’s Forecast

EY Blockchain Whiz Quits Crypto, Says Adoption Not in Bitcoin’s Forecast 1
Get Exclusive Analysis and Investing Ideas of Future Assets on Hacked.com. Join the community today and get up to $400 in discount by using the code: “CCN+Hacked”. Sign up here.
Get Exclusive Analysis and Investing Ideas of Future Assets on Hacked.com. Join the community today and get up to $400 in discount by using the code: “CCN+Hacked”. Sign up here.

By CCN: The ruthless bitcoin bear market of 2018 has claimed numerous victims, including many crypto startups and executives. The latest is former EY blockchain leader Angus Champion de Crespigny, who’s leaving the industry.

Champion de Crespigny made the revelation on Twitter, where he insists that he’s still bullish on bitcoin. However, he’s discouraged by how long he believes it will take for mass adoption, and doesn’t want to wait around.

As recently as November 2019, Angus was touting blockchain and cryptocurrencies at a recent conference (video below).

[embedded content]

[youtube https://www.youtube.com/watch?v=A2wIFbvfIPk?feature=oembed&w=680&h=383]

Champion: Institutions are Dragging Their Feet

Champion de Crespigny worked for 11 years at Big Four accounting firm Ernest and Young. He spent the last couple of years focused on blockchain. In August 2018, Angus left EY to focus on other projects amid growing disillusionment with blockchain.

Champion de Crespigny explained his reasons for leaving the crypto industry altogether in an April 19 Twitter thread:

“I am no longer working full-time in the bitcoin/cryptocurrency industry, and have taken a role outside it. I’ve had a number of people ask why, or seem surprised, so I thought I’d lay out my rationale in case it is of interest to others.”

“Over the years I converged on what we call coin maximalism, or minimalism. That is, ‘blockchain’ was developed to solve a very specific problem, and it did so at a massive sacrifice. That problem: ensuring that ledger entries can’t be double-spent when there’s no central party.”

‘You Can’t Rush People to Believe’ in Bitcoin

Angus explained that he had left EY in August to start a business focused on promoting bitcoin adoption in two ways: by helping to institutionalize it or by advancing adoption in the developing world.

He says he got discouraged once he realized that institutions are not eager to promote mainstream crypto adoption.

“I quickly worked out that I’m not going to be able to build bitcoin adoption in the developing world…you fundamentally can’t build a legitimate business that is also decentralized to resist government intervention.”

“I also found that institutions were not going to be on-boarding bitcoin as a financial product as quickly as I had thought they would from my discussions over the years. Institutionalization has happened, but not as much as I’d expected and enough for me to build a business on it.

“You also can’t rush people to believe that something has value.”

Champion: Bitcoin Adoption Will Take too Long

Champion de Crespigny added that he’s not leaving the industry forever. He promised that he’ll remain involved somehow because he believes in bitcoin’s disruptive potential.

However, he says the time horizon is longer than he had expected, so it’s time for him to cut his losses and move on to greener pastures.

“I’m as confident in Bitcoin’s ability to radically transform the world as I ever have been. However, I believe the time horizon to do that is very long, and I believe my best bet in the industry is to simply buy and hold.”

While Champion de Crespigny isn’t the only person who has left the industry amid the market downturn, his departure is notable because he worked at Ernst and Young.

As CCN reported, EY has been making a concerted effort to ramp up its blockchain and crypto businesses in order to woo bitcoin investors. Last week, EY revealed that it spent millions of dollars during the past two years developing crypto and blockchain tax tools.

Despite these efforts, institutions have been slow to embrace crypto. Some — like Goldman Sachs — have even backpedaled, claiming they never were on the bitcoin bandwagon.

Crypto Industry Has Failed to Educate General Public

All this dithering points to a major problem that’s not being addressed — and that’s the crypto industry’s abject failure to educate the general public about what bitcoin is, and why it’s supposedly superior to fiat currency.

Until that happens, mainstream adoption will remain a pipe dream.

About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

E-Crypto News Executive Interviews

Crypto Scams

Beanstalk Farms Loses $80M In A Massive DeFi Governance Flash-Loan Hack
Beanstalk Farms Loses $80M In A Massive DeFi Governance Flash-Loan Hack
April 23, 2022
Joon Pak Head of Crypto at Prove talks to Us about Crypto Fraud And More
April 11, 2022
Mintable CEO Zach Burks Talks to Us about the Opensea Stolen NFTs and Their Recovery
March 21, 2022
Crypto Crime
Crypto Crime Surges To Record Highs As Thieves Follow Market Buzz – Chainalysis 2022 Report
February 24, 2022
Bots Circumvent 2FA Login At Coinbase And Other Crypto Exchanges In 2022
Bots Have Circumvented 2FA Logins At Coinbase And Other Crypto Exchanges In 2022
February 17, 2022

Automated trading with HaasBot Crypto Trading Bots

Blockchain/Cryptocurrency Questions and Answers

Roundtable Interview-What is the Effect of The Russia-Ukraine War on Cryptocurrency Prices?
March 4, 2022
How Does Bitcoin Casino Work + 2021 Beginner’s Guide
November 8, 2021
How to Buy and Sell Cryptocurrency
November 8, 2021
What Are Bitcoin Futures And How Will They Work In 2022?
November 4, 2021
The Unconventional Guide to Ethereum
October 28, 2021

CryptoCurrencyUSDChange 1hChange 24hChange 7d
--- --- --- ---
--- --- --- ---
--- --- --- ---
USD Coin0.9989 0.16 % 0.08 % 0.04 %
--- --- --- ---
--- --- --- ---
--- --- --- ---
Cardano0.9566 0.22 % 0.68 % 6.96 %
--- --- --- ---
--- --- --- ---

Bitcoin (BTC) $ 28,856.00
Ethereum (ETH) $ 1,756.32
Tether (USDT) $ 1.00
USD Coin (USDC) $ 0.999925
BNB (BNB) $ 302.77
XRP (XRP) $ 0.384633
Binance USD (BUSD) $ 1.00
Cardano (ADA) $ 0.461177
Solana (SOL) $ 42.21
Dogecoin (DOGE) $ 0.081328