Can I use 1/4" thick plywood to make shiplap walls in a master bath?

I would love the look of shiplap in my master bath. Due to the cost and thickness of true shiplap it is not an option. I have seen several photos of people using 1/4" thick plywood that was ripped down to approx. 8" wide strips at the home improvement store. Would I have problems with the plywood warping due to the moisture in the bathroom? And would I have problems with the plywood getting mould even if I prime and paint it? There is an exhaust fan in the bathroom.

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