A Vote for Cryptocurrencies: PwC accepts Bitcoin for advisory services payment

PwC in Hong Kong has for the first time accepted payment in Bitcoin for its advisory services, the firm said in a statement on Thursday. 

"As we work increasingly with companies in the digital asset and crypto-currency space, we believe that accepting such payments will evolve into an element of doing business in the normal course,"said Raymund Chao, Chairman of PwC Asia-Pacific. “This decision helps illustrate how we are embracing new technology and incorporating innovative business models across our full range of services. It is also an indication that Bitcoin and other established crypto-currencies have now developed into more broadly accepted forms of settlement.”

PwC in Hong Kong decided that accepting payment in Bitcoin and other established crypto-currencies would complement the firm’s advisory work with a range of clients in the broader crypto space. This includes advice in areas such as token sales (also referred to as Initial Coin Offerings, or ICOs), crypto exchanges, and the launch of crypto funds.

"Disruptive digital products and services that have been developed through Distributed Ledger Technology--more commonly known as Blockchain, such as crypto-currencies or PwC's supply chain trust solution, are already transforming existing businesses in many areas, and it's still relatively early days for this technology,” said Andrew Watkins, Chief Technology and Disruption Officer, PwC China and Hong Kong. “PwC is committed to being at the forefront of these exciting developments.”

PwC appears to be the first of the Big Four accounting firms to accept crytocurrency payments while Deloitte, Ernst & Young, and KPMG have not made public if they do the same. 

Bitcoin and Ethereum are two of the most widely recognised crypto-currencies in an increasingly crowded field. The Chicago Mercantile Exchange and the Chicago Board Options Exchange have both announced plans to launch Bitcoin futures contracts, which will allow investors to hedge against movements in the currency.

In late November, Bitcoin rallied 20% in just four days to reach a record high of $10,000 but it  plunged as much as 20% hours after a rally past $11,000.