Strive Asset Management Urges Intuit to Embrace Bitcoin
In a strategic move to influence significant corporations, Strive Asset Management is making headway by encouraging major companies to incorporate Bitcoin into their financial strategies. Their latest target is Intuit, a leading fintech company renowned for its flagship products like TurboTax and Mailchimp. Following a successful engagement with GameStop, Strive is now focusing its efforts on persuading Intuit to adopt Bitcoin as part of its financial reserves.
Strive’s Campaign to Introduce Bitcoin to Intuit
On April 14, Matt Cole, CEO of Strive, addressed an open letter to Intuit’s leadership, including CEO Sasan Goodarzi and Independent Board Chair Suzanne Nora Johnson. In the letter, Cole suggested that Bitcoin could serve as a financial safeguard against potential disruptions from emerging technologies like artificial intelligence (AI). Emphasizing Intuit’s impressive growth in the fintech sector, Cole expressed concerns about Mailchimp’s alleged censorship of Bitcoin content creators, warning of potential reputational and legal risks for shareholders.
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Cole referenced an incident involving the Trojan Bitcoin Club at the University of Southern California, where Mailchimp reportedly deactivated the club’s account due to their focus on Bitcoin education. Although the account was eventually restored, conditions were imposed, restricting discussions on Bitcoin exchanges. This situation, Cole highlighted, was not an isolated incident, citing cases involving other Bitcoin advocates who faced similar challenges with Mailchimp’s services.
Potential Legal Implications
Cole highlighted the implications of Intuit’s policies, indicating that they could attract scrutiny from regulatory bodies such as the Federal Trade Commission (FTC). He mentioned an ongoing FTC inquiry into how tech platforms manage user access based on speech or affiliations, warning that Intuit could face legal risks if Mailchimp’s policies continue to draw government attention. Cole cautioned that such investigations could incur substantial legal costs and distract from Intuit’s core operations.
Advocating for a Bitcoin Reserve
Strive’s proposition further critiques Intuit’s perceived bias against Bitcoin, suggesting it may hinder the company from recognizing the strategic benefits of a Bitcoin treasury. Cole argued that AI represents a significant technological shift, and a Bitcoin reserve could provide a strategic advantage in navigating market changes.
Strive’s research suggests that significant shifts in the S&P 500 are anticipated over the next decade due to technological advancements like AI. Cole underscored the risks to Intuit’s flagship product, TurboTax, which could face automation challenges. He advocated for a Bitcoin reserve as a strategic hedge, emphasizing Bitcoin’s limited supply as a factor for long-term value appreciation.
Strive’s Recommendations
Cole concluded with specific recommendations for Intuit, urging them to reconsider account closures, eliminate blanket bans on Bitcoin-related content, and avoid politically-driven censorship. Additionally, he encouraged Intuit to consider building a Bitcoin treasury to bolster its strategic capital in the face of AI advancements.
As of now, Intuit and Mailchimp have not publicly responded to Strive’s propositions, leaving open the question of whether Intuit will embrace this call to action.
At the time of writing, Bitcoin was valued at $83,287.
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