PWC Hong Kong Accepts Its First Bitcoin Payment
While bulge bracket banks and hedge fund bigwigs go back and forth over bitcoin, Big Four accounting firm PWC has now started to accept it as payment.
Accounting firm PricewaterhouseCoopers said it accepted a payment in bitcoin for its advisory services, its first in a virtual currency.
The announcement Thursday came at a hot time for cryptocurrencies, as bitcoin this week blasted through $11,000 for the first time. The rally has prompted questions over whether the currency is a true store of value that can be widely used in transactions, or merely a day trader’s plaything.
Whatever it may be, PWC Hong Kong chose to accept the payment as it increasingly does business with startups related to cryptocurrencies and the blockchain. As the Journal notes, the firm has become quite noted for its advisory work on initial coin offerings, crypto funds, and crypto exchanges.
Raymund Chao, chairman of PwC Asia-Pacific, had this to say:
“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 cryptocurrencies have now developed into more broadly accepted forms of settlement.”
PWC isn’t the first mainstream firm to accept cryptocurrencies for payment, however. Microsoft, por ejemplo, is one, and online retailer Overstock is another. That said, PWC is the first Big Four accounting firm – maybe even the first large financial services firm – to do so. Let’s see how long it’ll take for the others to follow.
Photo: iStock