Blockchain & Bitcoin: Why The Accounting Profession Should take Notice

There are many opinions circulating on the future of Bitcoin. While no one knows what the future holds, Bitcoin’s impact on the accounting profession has not gone unnoticed.

In an article from CPA Practice Advisor, author Joe Murray writes, “Regardless of Bitcoin’s uncertain future, the underlying technology is where the true disruptive power lies. Known as the blockchain, this technology is the catalyst of the “recent” cryptocurrency boom. It also is the foundation for the birth of initial coin offerings (ICOs), which is creating widespread buzz within most industries as well as several governments. Given the current blockchain climate, there is no doubt it will shape the future of payments”.

In the article, Murray discusses:

  • A history of Bitcoin
  • Shift in the accounting profession

Murray continues, “With the blockchain shifting how the public trusts, there are many, many questions, including but not limited to: Will audits even be needed in the future? What role will the CPA profession hold in 10 years? Will you be prepared for the change or fall behind? Stay tuned”.

To read more, see the full article from Joe Murray in CPA Practice Advisor.