Following his recent success in persuading game retailer GameStop to incorporate Bitcoin into its financial strategy, Strive Asset Management CEO Matt Cole is now focusing on fintech company Intuit for a similar initiative.
Cole expressed in an April 14 letter to Intuit CEO Sasan Goodarzi that while he appreciates the company’s impressive growth, integrating Bitcoin (BTC) could be crucial for ensuring Intuit’s long-term viability and protecting it from potential disruptions driven by artificial intelligence.
Intuit is best known for its tax preparation application TurboTax and the small business accounting software QuickBooks. The company laid off 10% of its workforce in July to advance its AI projects. However, Cole argues that an additional safeguard is necessary since TurboTax faces possible automation risks from AI.
“Though we acknowledge Intuit’s investments and adoption of AI technologies, we believe that having a Bitcoin reserve is a prudent additional measure,” Cole stated.
An excerpt from Matt Cole’s correspondence encouraging Intuit to consider adding Bitcoin to its balance sheets, among other recommendations. Source: Strive Asset Management
Cole noted that this Bitcoin reserve would provide Intuit with “sufficient strategic capital to navigate the challenges posed by AI and to act from a position of strength during the upcoming AI revolution.”
In a similar vein, Cole had previously sent a letter to GameStop CEO Ryan Cohen in February, suggesting that the gaming retailer utilize its $4.6 billion in cash reserves to invest in Bitcoin.
GameStop’s Cohen acknowledged Cole’s letter in an April 1 regulatory filing, revealing that the company had completed a convertible debt offering that raised $1.5 billion, with a portion allocated for Bitcoin purchases.
Strive calls for Intuit to revise crypto policy
In his letter, Cole urged Intuit to reevaluate the acceptable use policy for its marketing service Mailchimp, which he claims continues to suspend crypto-related accounts due to policy infractions.
Source: Strive Asset Management
Cole expressed concerns that Intuit’s censorship and de-platforming strategies could be discriminating against Bitcoin supporters, potentially jeopardizing long-term shareholder value.
Mailchimp has stated that while crypto-related content is not outright banned, communications surrounding it are allowed only if the sender is not involved in crypto sales, exchanges, or marketing.
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The current acceptable use policy indicates that accounts associated with “cryptocurrencies, virtual currencies, and any digital assets related to an initial coin offering” may be prohibited.
Cole suggested that Mailchimp likely established these policies during a time when the legal status of cryptocurrency was uncertain. However, he believes that given the pro-crypto stance of the recent Trump administration, it’s time to “amend the acceptable use policy to remove the blanket ban on crypto-related entities.”
Intuit did not provide an immediate response to the request for comments.
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