Singapore-based Ernst & Young LLP Partner Jan Bellens believes "cryptocurrencies are a great innovation with great upsides for the long-term," as long as the two keys issues, named as security and KYC, get resolved in the short-term.
I dont see how "security" is the issue here since cryptocurrencies are way more secure in comparation to the old bank/fiat system if you are going in for long term. There could nothing more secure than "securing your own holding" like you can do with crytocurrencies.
One of the issue with using cryptocurrencies is that it is inevitable to volatility that withhold some potential of it since most people only based on how good a cryptocurrencies is from the value of it
Securing your bitcoin holdings is significantly more difficult than securing your cash - which is protected form fraud in the US through FDIC insurance (which ever bank in the US is covered by) or simply holding your cash in your home.
Bitcoin, however, required complex addresses, access to systems that will authenticate the public and private keys to make a transaction, and (most alarming) any online bitcoin account is never in full control of the owner!Banks are still more secure than bitcoin, unfortunately. I agree with EY's analysis that security is a big issue. However I don't think KYC regulation would be good for bitcoin, part of the benefit of the currency is the anonymity.
This is quoted from the article as I see that their statement has some flaw in it
There are massive security risks. The fact that there are large sums of virtual money involved, attracts quite a lot of criminal activities and quite a lot of security issues."
Seems to be a flaw there, Large sum of money involved ( in this case cryptocurrencies ) has nothing different than a large sum of FIAT involved. Criminals will always be attracted to large sum of money and it has nothing to do with either cryptocurrencies or FIAT.
As for the bolded part. Those bolded part are actually about human error in securing it especially if it is a techsavvy guy. In one point you are right that but in the other point if you are a not a techsavvy guy than money is still much more secure in form of crypto.
P.S: most thief are techsavvy as well and top hackers will aim for exchangers rather than someone's personal wallet with few
BTC in it.
Just my 2 cents though
I mean in technology era longterm should mean something between 3-5 years. In the old economy, longterm is defined as 10-50 years. 
. I think cryptos are only getting started in the grand scheme of things and haven't really even begone to full break into the mainstream yet, but it will be exciting when they do and to see how far they go. 
