As the financial landscape evolves, Strive CEO Matt Cole urges Intuit to adopt bitcoin as a hedge against disruption, citing the company’s deplatforming and anti-bitcoin stance as threatening shareholder value.
The Future of Corporate Finance: Intuit‘s Bitcoin Conundrum
As the financial landscape continues to evolve, companies are being forced to reevaluate their strategies for managing risk. One area that is gaining increasing attention is the role of cryptocurrency in corporate finance. Strive CEO Matt Cole has been at the forefront of this movement, urging companies like GameStop to adopt bitcoin as a hedge against disruption.
The Consequences of Deplatforming
Cole’s latest target is Intuit, a financial software developer known for its TurboTax tax preparation software and QuickBooks accounting software. The company’s deplatforming and anti-bitcoin stance could have serious consequences for shareholder value. In an open letter to Intuit CEO Sasan Goodarzi and board Chair Susan Nora Johnson, Cole argues that the company’s censorship policies and anti-bitcoin bias threaten to destroy the value it has worked so hard to create.
Intuit is a global business and financial software company that provides a range of products and services for small businesses, accountants, and individuals.
Founded in 1983 by Scott Cook and Tom Proulx, the company is best known for its tax preparation software 'TurboTax' and accounting software 'QuickBooks'.
Intuit's products also include 'Quicken' personal finance software, ProSeries tax preparation software for professionals, and Credit Karma, a free credit monitoring service.
A Broader Pattern of Deplatforming
Cole points to a recent incident in which Intuit’s Mailchimp email marketing platform disabled the account of the Trojan Bitcoin Club, a student organization at the University of Southern California, for mentioning the cryptocurrency in emails to its members. This episode reflects a broader pattern of deplatforming that includes bitcoin developers, educators, and businesses.
Bitcoin is a decentralized digital currency that allows for peer-to-peer transactions without the need for intermediaries.
Created in 2009 by an anonymous individual or group using the pseudonym Satoshi Nakamoto, bitcoin operates on a blockchain network, utilizing cryptography to secure and verify transactions.
The total supply of bitcoins is capped at 21 million, with new coins generated through a process called mining.
Bitcoin's value has fluctuated significantly over the years, influenced by market demand and regulatory changes.
The Risks of Tech Censorship
As public concern around tech censorship grows, companies like Intuit are being exposed to reputational and legal risks. Federal regulators, including the ‘Federal Trade Commission (FTC)’, are beginning to investigate platform discrimination based on speech or affiliations. Cole argues that Mailchimp‘s Acceptable Use Policy is being used as a political weapon, rather than a tool to mitigate legitimate business risk.
Tech censorship has become a pressing concern in recent years, with governments and corporations increasingly exerting control over online content.
According to a report by the Center for Democracy & Technology, 87% of countries have laws restricting online expression.
In China, the Great Firewall blocks access to over 20,000 websites, while in the US, social media platforms like Facebook and Twitter have been criticized for removing content deemed 'hateful' or 'misleading'.
The implications of tech censorship on free speech and global communication are far-reaching, sparking debates about balance between regulation and individual rights.
A Call for Reform
Cole’s letter calls on Intuit to reinstate accounts banned for bitcoin-related content, revise Mailchimp’s content policies to eliminate political considerations, and consider adding bitcoin to its corporate treasury as a hedge against artificial intelligence disruption. The move follows Cole’s February letter to GameStop, in which he urged the company to convert its $5 billion cash reserve into ‘bitcoin’.
A New Standard for Corporate Finance
Strive’s broader campaign to reshape corporate finance and governance around what Cole describes as ‘apolitical excellence’ and long-term shareholder value is gaining momentum. The move marks a significant early win for Strive, positioning itself as one of the first major retailers to align its treasury strategy with what Strive calls the ‘Bitcoin standard’ . As companies continue to navigate the complexities of cryptocurrency adoption, it remains to be seen whether Intuit will follow suit and adopt a more inclusive approach to corporate finance.
