Bold Move: Strive Urges Intuit to Adopt Bitcoin After GameStop ‘Orange-Pilling’ Success

Following their influential role in GameStop’s foray into Bitcoin, Strive Asset Management is now setting its sights on fintech giant Intuit. Strive’s CEO, Matt Cole, is publicly advocating for Intuit to integrate Bitcoin into its corporate strategy, mirroring the approach that seemingly swayed GameStop. This bold initiative comes alongside a call for Intuit to revise the crypto policy of its Mailchimp platform, which has faced criticism for suspending crypto-related accounts. Let’s dive into the details of this unfolding crypto adoption story and explore what it could mean for both Intuit and the wider cryptocurrency landscape.

Why is Strive Targeting Intuit for Bitcoin Adoption?

Matt Cole’s open letter to Intuit CEO Sasan Goodarzi outlines a compelling argument for Bitcoin adoption. While acknowledging Intuit’s impressive growth, Cole emphasizes Bitcoin as a crucial element for long-term resilience and a hedge against the disruptive potential of artificial intelligence (AI). Intuit, known for its popular products like TurboTax and QuickBooks, recently underwent a 10% staff reduction to focus on AI development. However, Strive argues that this pivot to AI necessitates an additional layer of security – a Bitcoin treasury.

Here’s a breakdown of Strive’s rationale:

• AI Disruption Hedge: Strive believes AI poses a significant risk to Intuit’s core business, particularly TurboTax, which could be automated by advanced AI.
• Strategic Capital: A Bitcoin war chest would provide Intuit with strategic capital to navigate the uncertainties of the AI revolution and act from a position of strength.
• Long-Term Success: Integrating Bitcoin is presented as the best path to ensure Intuit’s sustained success in an evolving technological landscape.

An excerpt from Matt Cole’s letter urging Intuit to consider adding Bitcoin to its balance sheets, among other suggestions. Source: Strive Asset Management

— Stephen Katte (@stephenkatte) April 15, 2024

GameStop’s ‘Orange-Pilling’ and the Bitcoin Blueprint

Strive’s approach with Intuit is not without precedent. Earlier this year, Cole penned a similar letter to GameStop CEO Ryan Cohen, advocating for the gaming giant to allocate a portion of its $4.6 billion cash reserves to Bitcoin. Interestingly, GameStop publicly acknowledged receiving the letter and, in an April 1 filing, disclosed raising $1.5 billion through a convertible debt offering, with some of these funds earmarked for Bitcoin purchases. This sequence of events suggests that Strive’s advocacy can indeed influence corporate crypto policy.

The Mailchimp Crypto Policy Controversy: A Call for Change

Beyond Bitcoin adoption for Intuit’s balance sheet, Strive is also challenging Intuit on its Mailchimp crypto policy. Cole’s letter expresses concern over Mailchimp’s acceptable use policy, which he claims has led to the suspension of numerous crypto-related accounts. Strive argues that these policies are discriminatory against “Bitcoin enthusiasts” and potentially detrimental to long-term shareholder value.

While Mailchimp maintains that its policy doesn’t outright ban all crypto content, it does restrict accounts involved in the sale, exchange, or marketing of cryptocurrencies. The current policy states that accounts offering “cryptocurrencies, virtual currencies, and any digital assets related to an initial coin offering” may not be permitted.

Strive contends that these policies, likely established during a period of regulatory uncertainty surrounding crypto, are now outdated. With a more favorable regulatory environment potentially on the horizon, Strive believes it’s time for Mailchimp crypto policy to evolve and eliminate the “blanket ban on crypto-related businesses.”

Will Intuit Heed Strive’s Call for Bitcoin and Policy Change?

As of now, Intuit has not officially responded to Strive’s open letter. The question remains whether Intuit will follow GameStop’s lead and consider adding Bitcoin to its corporate treasury. Similarly, it’s uncertain if Intuit will re-evaluate Mailchimp’s crypto policy in light of Strive’s concerns and the evolving regulatory landscape.

Here are some key questions to consider moving forward:

• Will Intuit publicly address Strive’s recommendations?
• Could shareholder pressure influence Intuit’s decision on Bitcoin and Mailchimp’s policy?
• What impact would Intuit adopting Bitcoin have on the broader corporate crypto adoption trend?
• How will regulatory developments affect Mailchimp’s crypto policy in the future?

Strive’s dual-pronged approach – advocating for Bitcoin adoption and policy reform – highlights the growing momentum behind crypto integration into mainstream business. Whether Intuit will become the next major corporation to embrace Bitcoin remains to be seen, but Strive’s assertive campaign is undoubtedly putting pressure on the fintech giant to seriously consider the potential benefits of cryptocurrency.

Stay tuned for further updates as this story develops and potentially reshapes the corporate landscape of crypto policy and Bitcoin adoption.