Matt Cole, CEO of Strive Asset Management, is now asking Intuit, a big name in the financial technology industry, to do the same thing that got GameStop to add Bitcoin to its balance sheet. Cole wrote an open letter on April 14 praising Intuit’s growth but warning of AI’s potential dangers. His proposed solution? A Bitcoin “war chest” to protect the company’s finances in a fast-changing tech world.
Bitcoin Defence Against AI Disruption
Intuit, best known for TurboTax and QuickBooks, fired 10% of its staff in July to focus on developing AI. However, Cole says these steps won’t protect the company from AI’s harmful potential, especially regarding TurboTax, which could be “automated away.”
“While we appreciate Intuit’s own investments and internal implementation of AI,” Cole said, “we believe an additional hedge is warranted and that a Bitcoin war chest is the best option available.” Cole said that if Intuit held Bitcoin, it could keep its strategic capital and handle any economic shocks caused by AI or changes in the overall economy.
Comments on Mailchimp’s Crypto Policy
Cole’s letter also did not like how Intuit’s Mailchimp platform handled cryptocurrency information. Mailchimp says that not all crypto content is banned, but many accounts have been shut down because the rules aren’t clear or are too strict.
According to Mailchimp’s rules, you can’t send content about “cryptocurrencies, virtual currencies, and any digital assets related to an initial coin offering.” Cole says these rules came about when the law wasn’t clear, but they aren’t helpful anymore since the world is becoming more crypto-friendly.
Stakeholder Value
Cole was worried that Intuit’s “censorship and de-platforming policies discriminate against Bitcoin enthusiasts,” which could affect the long-term value of shares. Because of changes in politics and technology, he told Intuit to rethink its business strategies and platform policies.
Conclusion
Since GameStop has already joined Cole’s bold Bitcoin vision, all eyes are now on Intuit to see if it will, too. Adding Bitcoin could be the smart move the fintech giant needs to stay ahead in an AI-driven future and keep owners happy.
