Strive Asset Management CEO Matt Cole, who recently influenced video game store GameStop to incorporate Bitcoin into its financial framework, is now encouraging tech company Intuit to follow a similar path. On April 14, Cole addressed an open letter to Intuit CEO Sasan Goodarzi, praising the company’s growth and urging it to consider Bitcoin as a way to secure long-term success and safeguard against potential shifts induced by AI technologies.
Intuit is renowned for its flagship applications – TurboTax, a tax preparation software, and Quickbooks, a small business accounting program. Even though the company let go 10% of its workforce in July to focus on AI, Cole believes that an additional safety net is required as TurboTax may be threatened by AI automation. “While we recognize Intuit’s investments and internal deployment of AI, we think a supplementary hedge is necessary. A Bitcoin reserve seems to be the most viable choice,” Cole suggested.
Having a Bitcoin reserve, according to Cole, will ensure that Intuit has “sufficient strategic capital to withstand the AI upheaval and maintain a strong position throughout the turbulence of the AI revolution.”
In a similar vein, Cole had written to GameStop’s CEO Ryan Cohen in February, advising the gaming retailer to utilize its $4.6 billion in cash to purchase Bitcoin. Cohen acknowledged this in an April 1 regulatory filing, and the company completed a convertible debt offering that raised $1.5 billion, some of which was allocated for Bitcoin purchases.
Cole urged Intuit to reassess the acceptable use policy of its marketing platform, Mailchimp, alleging that it continually suspends cryptocurrency-related accounts due to policy infractions. Cole expressed concern that Intuit’s restrictive policies could potentially discriminate against Bitcoin enthusiasts and adversely impact long-term shareholder value.
Despite its current policy that may not allow accounts offering “cryptocurrencies, virtual currencies, and any digital assets related to an initial coin offering,” Mailchimp clarified that it does not necessarily forbid crypto-related content. They permit the distribution of such content provided it does not involve the sender in the selling, trading, or marketing of cryptocurrency.
Cole suggested that Mailchimp probably drafted its policies when the legal standing of cryptocurrency and related businesses was ambiguous. Nevertheless, he recommends, given the crypto-friendly Trump administration, it’s time to “revise the acceptable use policy to terminate the comprehensive ban on crypto-related businesses.”
Intuit has not yet responded to a request for comment.
