PwC Becomes First "Big Four" Firm To Accept Payment In Bitcoin

Regulators may be skeptical of the burgeoning ICO market, where outright fraud isn’t uncommon, but that isn’t stopping some of the world’s largest audit and consulting firms from trying to win their business.

PWC revealed that it will begin accepting payment for its consulting services in bitcoin because it is increasingly working with startups in the city involved in cryptocurrencies and blockchain, the open-ledger technology that processes bitcoin transactions by logging them on a public record. The firm also noted its advisory work for initial coin offerings – which typically collect payment in bitcoin and Ethereum – along with crypto exchanges and crypto funds, according to the Wall Street Journal.

“This decision helps illustrate how we are embracing new technology and incorporating innovative business models across our full range of services,” Raymund Chao, chairman of PwC Asia-Pacific, said. “It is also an indication that bitcoin and other established cryptocurrencies have now developed into more broadly accepted forms of settlement."

ICOs have two important characteristics that would pique PwC’s partners’ interest: Plenty of cash on hand, and many intractable problems.

Of course, PwC isn’t the first major company to accept bitcoin: Overstock.com has been accepting payment in bitcoin for years. Dish Network and Microsoft also accept payment for some services in bitcoin.

The US has taken steps to crack down on ICOs, with the SEC having recently opened several civil actions against them. Meanwhile, China has banned them entirely. As the large pots of money accumulated have spurred internal conflict and in some cases outright embezzlement, some of the largest offerings are already crumbling.

But they’re on track to raise as much as $4 billion this year alone. And despite the bad press and regulatory scrutiny, the market hasn’t cooled.

Overstock.com claims it’s building a trading platform that will help legitimize the market, and at least one other company is building what’s essentially an exchange for ICO tokens.

The move also makes sense from a trend-following standpoint. Bitcoin has climbed more than 950% this year alone. And with several new derivatives products hitting the market, PwC will have more options for hedging its exposure.

However, on Thursday, the price of a single coin had fallen 16% to $9,400 a coin, well below its recent peak above $11,000.


 

Comments

Antifaschistische nope-1004 Fri, 12/01/2017 - 21:04 Permalink

as a disclaimer...I am a pro crypto pro anything that can challenge the fiat money regimes.however...PWC has no intention of really "accepting" crypto's.  What they will do is facilitate the transaction into dollars, once the transaction settles in dollars your liability will be relieved.   Which is the same thing the Ferrari dealer will do.This is still a positive step..of course PWC accepts payment in dozens of different currencies around the world so this facilitation is not new to them.

In reply to by nope-1004

Luc X. Ifer nope-1004 Fri, 12/01/2017 - 21:40 Permalink

Hey bitches, can't stop natural evolution. Adapt & evolve or go the dinosaurs & dodo's way. The fact that PWC made the choice to adapt & evolve shall give a hint even to the dumbest of all about what comes from behind the horizon - you know, that's what helped the primitive grand ape to evolve into human ape - just deciding that raising and standing biped gives a wider, better vision of the scene/reality.

In reply to by nope-1004

dumbhandle Fri, 12/01/2017 - 20:56 Permalink

AXA controls Blockstream. Blockstream employs the key Bitcoin developers. AXA hired PWC to manage Blockstream. Ethereum outmanuevered AXA. Now it is only a matter off time until Ethereum market cap passes Bitcoin. AXA has been neutralized. Cant win them all Rothschild.

Luc X. Ifer dumbhandle Fri, 12/01/2017 - 21:50 Permalink

Ethereum will perish soon if they don't deliver a new viable, trully scalable architecture at what they aim. What they have currently can't support even current features at the adoption level they aim to reach at the current pace. Search internet about critical problems the current architecture has and what of a chalange is to upgrade it. Miracle if they manage to do it in a timed maner. The only competitors I see they started on mature, well designed technical grounds without overpromising are IOTA and ADA. See this, it presents pefectly the design flaws of Ethereum and why it will fail most likely soon.

https://youtu.be/Ja9D0kpksxw

In reply to by dumbhandle

Rex Andrus Fri, 12/01/2017 - 21:53 Permalink

Your bill will be corrected to whatever the average market value of BTC was during a fixed time frame, such as 30 days or more fairly, the period of the billing cycle. Either way the accounting necessary to make sure you get your correct credits at the end of cycle is prohibitive enough to conclude that this is the new BOHICA. With extra fudge. Sloppy. "This is an accounting position. Can you do math?" "I doesn't "do" no man bitch! Mafs is rayciss!" "Well I guess we have to hire you then. When do you want to start?" "Fuck you! Jus send mah paychecks on time, ya cracky ole crack! Better git homes to yo' man, bitch! The sistahs are lookin' fo' hizass!"

Herdee Fri, 12/01/2017 - 22:03 Permalink

Everyone in Bitcoin understands that fiat paper is being printed to infinity to support worldwide corruption by politicians and bankers. Bitcoin is a threat to the crooks who believe in USURY. Governments already know that blockchain technology will render banks useless. And Governments don't like it because blockchain brings about extreme efficiency and absolute transparency in everything. That's why you here that Bitcoin is a scam because it will revolutionize the way business is done. Just where is the $5 trillion dollars missing at the Pentagon? And what's in the Exchange Stabilization Fund? And exactly how many Treasury Bills are out there? Have they been rehypothecated just like all the stocks and bonds? You bet. That's why transparency is a threat to Wall Street because all the middlemen there are nothing but fucking crooks who steal from mom and pop. They're bloodsuckers of the worst kind, just like the policians in Washington D.C. who support them.

Kefeer Fri, 12/01/2017 - 23:59 Permalink

When JP Morgan or Citi Bank accept BitCOiN as payment for a mortgage, then I'll be impressed.  How about when McDonalds begins taking BitCOiN?Who shops at OverStock (((OverPricedReturnedCrap)))???

London..unfort… Sat, 12/02/2017 - 01:49 Permalink

Reflecting on the idea that Bitcoin will become the New World Order uber currency, I think that this is entirely possible. However, I also think that the matter isn't settled, and Bitcoin could just as easily set people free from the Banksters. I would liken it to the dilemma of the internet - on the one hand ordinary people have had access to a treasure trove of alternative information which has red-pilled millions, whilst on the other,the NSA can see every single key stoke we ever make. Just as the battle of the internet isn't over, neither is the battle of cryptocurrency.

Pendolino Sat, 12/02/2017 - 09:44 Permalink

"the burgeoning ICO market, where outright fraud isn’t uncommon"Obviously there have been no examples in history of fraud being committed using paper money.

Exponere Mendaces Sat, 12/02/2017 - 13:38 Permalink

Amazingly the "tulips" and "beanie babies" barking seal retards don't have much of a presence in this thread.I guess being used by a major accounting firm will do that - so much for the "muh tulips" narrative.If you're smart, you'll allocate some funds to Bitcoin.If not, you'll just sit here and post about EMPs and Tulips.