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.

PwC in Hong Kong said that it accepted the payment 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 in areas such as initial coin offerings, cryptos exchanges and crypto funds.

Investment manias throughout the centuries have ranged from tulips to tech stocks to housing; is bitcoin different? Image/Video: Daniel Epstein

“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.”

PwC joins a small but growing list of established companies that accept digital currencies for payments, including software giant Microsoft Corp., online retailer Overstock.com Inc. and satellite-television operator Dish Network Corp.


But it appears to be the first of the Big Four accounting firms to embrace virtual currencies. Representatives from Deloitte Touche Tohmatsu, Ernst & Young and KPMG weren’t immediately available for comment.

Bitcoin recently traded at $10,248. It has surged more than 950% this year, turning from a curiosity for techies to a hot topic among mainstream investors. But over the years it has proved incredibly volatile, declining more than 50% eight times since 2011.

Other financial Institutions starting to warm to virtual currencies include Goldman Sachs Group Inc., which is weighing a trading operation dedicated to them, and exchange operators CME Group Inc. and CBOE Global Markets Inc., which plan to launch bitcoin futures contracts. Nasdaq Inc. also plans to launch bitcoin futures in the first half of 2018.

A bitcoin futures market would allow investors to hedge their exposure to the sharp price moves.


Write to Steven Russolillo at steven.russolillo@wsj.com