Former E&Y blockchain big hitter quits overcrowded crypto space

But he is still "confident in Bitcoin's ability to radically transform the world"

The brilliantly named Angus Champion de Crespigny spent more than a decade at Big Four accounting firm Ernest and Young, focusing on blockchain during his last couple of years there. In 2018, he left the company to focus on other projects, stating that he was disillusioned with the blockchain space.

And now he is no longer working in the Bitcoin/crypto industry, having taken a new role outside of it. Champion de Crespigny made the announcement on Twitter.

Whilst there are “some fantastic companies making great strides with Bitcoin adoption in the institutional and consumer space”, the market has become overcrowded. “You also can’t rush people to believe that something has value.”

He added: “I have believed for the past few years that there would be a ‘great cleansing’, where over a period of a year or two, people would slowly withdraw from all the useless blockchain projects going on. I’m losing confidence the market will become rational any time soon.”

He stressed, however, that he was not saying bye bye to Bitcoin. “I’ll always be involved in one way or another.”

And he maintains his belief that the cryptocurrency can radically transform the world. Just don’t place your bets on that happening any time soon.

 

Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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