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Leading Accounting Firms are Warming to Bitcoin

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Leading Accounting Firms are Warming to Bitcoin

In the past ten years, if there is anything that has surprised investment experts, it is the cryptocurrency sector, the blockchain and in specific Bitcoin. Almost every business is now focusing on a blockchain-based system or accepting cryptocurrencies. Now, one of the subsidiaries of the ‘Big Four’ accounting firms is accepting bitcoin as a means of payment.

Implementing blockchain technology is moving ahead for the business world. The Big Four accounting firms include Deloitte, E&Y, KPMG and PricewaterhouseCoopers (PwC).

The Hong Kong office of financial services firm PwC has recently accepted sums of bitcoin from a client. Following this, Raymund Chao (PwC Asia-Pacific chairman) said the company is “embracing new technology,” and further added, “it is also an indication that bitcoin and other established cryptocurrencies have now developed into more broadly accepted forms of settlement.”

The company’s statement reads:

“As the firm works increasingly with companies in the digital asset and cryptocurrency space, it believes that accepting such payments will evolve into an element of doing business in the normal course.”

According to South China Morning Post, PwC Hong Kong accepted its first bitcoin payment for delivering advisory services toward the end of November. Not only bitcoin, but other established cryptocurrencies are also in line as a means of payment.

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Bitcoin being the top cryptocurrency, it is noteworthy to point here that exchanges including CME and Nasdaq are commencing the launch of “Bitcoin futures contracts trading” in mid-December 2017 and 2018 respectively.

In the sphere of cryptocurrency, another ‘Big Four’ member KPMG is in connection with the Swiss-based Crypto Valley Association.

Deloitte and E&Y have also shown interest in bitcoin payments. E&Y was the first accounting firm to accept bitcoin payments and stated in early 2017, “It will be possible to pay invoices from EY Switzerland in Bitcoin, employees will have access to the crypto wallet, and also, bitcoin ATMs will be put into operation in the main building.”

In Autumn 2016, Deloitte’s offices in Toronto also received a bitcoin ATM and at the time, Iliana Oris Valiente, strategy leader of the Rubix by Deloitte team, said:

“The first step toward wider blockchain adoption is knowledge, and the logical entry point is to first understand how bitcoin works. The goal is to make bitcoin more accessible so that users can experience blockchain technology first hand to deepen their understanding and ultimately increase adoption.”

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