Fresh from successfully convincing game retailer GameStop to add Bitcoin to its balance sheet, Strive Asset Management CEO Matt Cole has now set his sights on fintech firm Intuit to do the same.
Cole said in an April 14 open letter to Intuit CEO Sasan Goodarzi that Intuit’s growth is admirable, but Bitcoin (BTC) is the best way to ensure the company’s long-term success and hedge against any potential disruption caused by artificial intelligence.
Intuit’s flagship products are its tax preparation app TurboTax and the small business accounting software Quickbooks. The company laid off 10% of its staff in July to pursue its AI endeavors, but Cole said the firm needs an additional hedge because TurboTax is at risk of being automated away by AI.
“While we appreciate Intuit’s own investments and internal implementation of AI, we believe an additional hedge is warranted, and that a Bitcoin war chest is the best option available,” Cole said.
That Bitcoin war chest, he added, will ensure Intuit has “enough strategic capital to weather the AI storm and act from a position of strength through the turbulence of the AI revolution.”
Cole sent a similar letter to GameStop CEO Ryan Cohen in February to advise the gaming retailer to use its $4.6 billion in cash to buy Bitcoin.
GameStop’s Cohen acknowledged the letter in an April 1 regulatory filing and revealed his company had finished a convertible debt offering that raised $1.5 billion, with some proceeds earmarked for buying Bitcoin.
Strive urges Intuit change crypto policy
In his letter to Intuit, Cole said the firm should reconsider the acceptable use policy for its marketing platform Mailchimp, which he claims has continued to suspend crypto-related accounts over policy violations.
Cole said he “remains concerned that Intuit’s censorship and de-platforming policies discriminate against Bitcoin enthusiasts, which may harm long-term shareholder value.”
Mailchimp has said that crypto-related content isn’t necessarily banned under its policy, and crypto content can be sent provided the sender isn’t involved in the sale, exchange, or marketing of crypto.
Its current acceptable use policy states that the platform might not allow accounts that offer “cryptocurrencies, virtual currencies, and any digital assets related to an initial coin offering.”
According to Cole, Mailchimp likely adopted its policies when the legal status of crypto and related businesses was uncertain, but said with the crypto-friendly Trump administration, it’s time to “amend the acceptable use policy to end the blanket ban on crypto-related businesses.”
Intuit did not immediately respond to a request for comment.