Matt Cole’s Advocacy for Bitcoin at Intuit
Matt Cole, the CEO of Strive Asset Management, has recently shifted his focus to urging the fintech giant Intuit to consider adding Bitcoin to its balance sheet, following a successful campaign with GameStop. In a letter dated April 14, addressed to Sasan Goodarzi, the CEO of Intuit, Cole commended the company for its impressive growth but contended that Bitcoin could serve as a crucial safeguard against potential disruptions posed by advancements in artificial intelligence (AI).
Concerns Over AI and TurboTax
Intuit, known for its prominent products such as TurboTax and QuickBooks, recently made headlines when it laid off 10% of its workforce as part of its push towards AI initiatives. However, Cole voiced a strong concern that the automation potential of AI could jeopardize the future of the TurboTax product. In his letter, he remarked:
“While we appreciate Intuit’s own investments and the strides made in AI, we believe that having a Bitcoin reserve is essential to mitigate risks and to empower the company during the impending changes brought about by AI.”
Strategic Positioning with Bitcoin
He confidently asserted that a substantial Bitcoin reserve would position Intuit to navigate the challenges ahead effectively, allowing the firm to maintain a competitive edge throughout the transition period in the tech landscape. Cole’s entreaty to Intuit mirrors his earlier correspondence with Ryan Cohen, CEO of GameStop, which encouraged the gaming retailer to allocate part of its significant cash reserves—$4.6 billion—towards acquiring Bitcoin. Cohen confirmed his receipt of the letter in an April 1 regulatory filing, also mentioning a recent fundraising effort that garnered $1.5 billion, part of which is planned for Bitcoin purchases.
Reevaluation of Mailchimp Policies
In addition to advocating for Bitcoin investment, Cole also addressed Intuit’s platform Mailchimp, urging a reevaluation of its current policies that affect crypto-related accounts. He warned that the perceptions and policies surrounding cryptocurrency might deter Bitcoin advocates, consequently affecting shareholder value negatively. Mailchimp clarified that while it does not explicitly ban crypto-related content, it restricts accounts that engage in the sale or marketing of cryptocurrency due to its existing compliance standards. Cole suggested that it might be time for Intuit to reexamine these policies, particularly given the current more favorable regulatory environment for cryptocurrency practitioners under the Trump administration.
Conclusion
As of now, Intuit has not provided any comments regarding Cole’s proposals or concerns.
