Angus Champion de Crespigny, the former head of EY blockchain, announced he is leaving the cryptocurrency industry on April 19, 2019.
Gone for now
Crespigny made this announcement via a tweet, claiming that it’s because he doesn’t want to wait for Bitcoin to hit mass adoption, despite being bullish on the technology overall, reports CCN.
The once head had before been at Ernest and Young, the accounting firm, before leaving to work on blockchain technology:
“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.”
Adoption is challenging
The man left EY in August of last year to try and push mainstream adoption. His focus was on Bitcoin usage, though he realized how hard it is to push a crypto business in a government ruled space.
“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.”
On top of this, the man noticed that businesses weren’t keen on crypto adoption either. At least, not as much as Crespigny preferred. This limitation also made it much more difficult for him to “build a business on it.”
However, the expert isn’t leaving forever, just for now. Because of his bullish stance, Crespigny wants to remain a part of the industry even if at a distance. He’s still confident in Bitcoin’s stance, he still thinks education is key, but Crespigny is leaving for now for his own betterment and will return in due time.
That said, the bearish market has taken everyone from Bitcoin exchanges to crypto startups to more. It’s likely even more spaces will fall before the market recovers completely.