According to Cointelegraph, Strive Asset Management CEO Matt Cole is urging fintech firm Intuit to consider adding Bitcoin to its balance sheet, following his successful campaign with game retailer GameStop. In an open letter dated April 14, Cole addressed Intuit CEO Sasan Goodarzi, praising the company's growth while advocating for Bitcoin as a strategic asset to ensure long-term success and mitigate risks associated with artificial intelligence.
Intuit, known for its tax preparation app TurboTax and small business accounting software Quickbooks, recently laid off 10% of its workforce to focus on AI initiatives. Cole expressed concerns that TurboTax could be vulnerable to automation, suggesting that Bitcoin could serve as a valuable hedge. He emphasized that a Bitcoin reserve would provide Intuit with strategic capital to navigate the challenges posed by the AI revolution, allowing the company to maintain a strong position amid technological disruptions.
Previously, Cole sent a similar letter to GameStop CEO Ryan Cohen, advising the retailer to invest its $4.6 billion cash reserve in Bitcoin. Cohen acknowledged the advice in an April 1 regulatory filing, revealing that GameStop had completed a convertible debt offering, raising $1.5 billion, with plans to allocate some of the funds for Bitcoin purchases.
In addition to advocating for Bitcoin adoption, Cole urged Intuit to revise the acceptable use policy for its marketing platform Mailchimp. He criticized the platform's suspension of crypto-related accounts, arguing that such policies could negatively impact shareholder value. Mailchimp's current policy restricts accounts involved in the sale, exchange, or marketing of cryptocurrencies, virtual currencies, and digital assets related to initial coin offerings.
Cole suggested that Mailchimp's policies were likely established during a period of legal uncertainty surrounding crypto businesses. With the crypto-friendly stance of U.S. President Donald Trump's administration, Cole believes it is time to amend the policy to lift the blanket ban on crypto-related businesses. Intuit has not yet responded to requests for comment on the matter.
