EY Blockchain Leader Leaves the Company Saying Crypto’s DLT Will Take Time To Be Adopted
Although virtual currencies and blockchain technology have expanded all over the world, it seems that mass adoption of this technology is still far from becoming a reality.
Angus Champion de Crespigny, the former EY blockchain leader, decided to leave the company because of the aforementioned reason.
Angus Champion de Crespigny Leaves EY
In a recent Twitter thread, he informed that he is no longer working full time in the Bitcoin (BTC) industry and has decided to take a role outside it. Although he is still Bullish about the most popular digital asset and how it can change the world, he decided to leave the industry because he believes it will take a very long time to reach mass adoption.
Angus Champion de Crespigny left EY on August 1, 2018. But his time at EY was spent as the Americas FSO Blockchain Leader during Oct 2015 to Aug 2018.
Apparently, he has been discouraged to continue working in the market due to the long time that it can take for distributed ledger technology and virtual currencies to reach mass adoption.
One of the things he said that it is not possible to build a legitimate business that is also decentralized and is able to resist government intervention. Moreover, he thinks that Bitcoin is not going to be used by financial institutions as quickly as he supposed.
He mentioned that he is confident that Bitcoin can radically transform the world. Nonetheless, he said that the “time horizon to do that is very long,” and he believes his best bet in the industry is to simply buy and hold.
He will not be leaving the crypto market as a whole, he is just leaving his blockchain role at EY. He will still be an investor in the market and he will be holding his assets at all times. Champion de Crespigny indeed mentioned that he is not saying “goodbye” to the industry and that he will always be involved in Bitcoin and the space.
EY is working also in order to adopt blockchain technology an improve the services that it is offering to users in the market. In the last two years, EY spent several millions of dollars to develop crypto and blockchain tax tools.
Update from EY:
Paul Brody has been EY Principal and Global Innovation Leader, Blockchain Technology since July 2016 and currently leads the organization's global blockchain efforts. EY remains fully committed to the blockchain ecosystem and continues to invest in research and development.