Summary:
Strive Asset Management, co-founded by Vivek Ramaswamy, is integrating Bitcoin into its services.
The firm manages $1.7 billion in assets and is relocating to Texas.
Ramaswamy cites economic instability as a reason for adopting Bitcoin as a hedge.
Strive completed a $30 million Series B funding round led by Cantor Fitzgerald.
Analysts speculate Bitcoin could hit $90,000 if Trump is re-elected.
Strive Asset Management, co-founded by Vivek Ramaswamy, a notable advisor to former President Donald Trump, is making waves in the financial sector by integrating Bitcoin into its services. The firm, which manages $1.7 billion in assets, announced that it will begin offering Bitcoin as a core component of its new wealth management business, relocating its headquarters to Texas from Ohio.
A Strategic Move
The firm cites unsustainable global debt levels, rising fixed income yields, and persistent geopolitical pressures as key reasons for adopting Bitcoin as a hedge against economic instability. Ramaswamy emphasized the need for a wealth management service focused on true financial freedom, especially in light of shifting attitudes towards environmental, social, and governance (ESG) criteria.
Funding and Leadership
Recently, Strive secured $30 million in a Series B funding round led by Cantor Fitzgerald. Ramaswamy, previously a vocal supporter of cryptocurrencies, believes that the timing is perfect to launch this pro-capitalism initiative. The firm has appointed Gary Dorfman as president and Randol Curtis as chief investment officer to lead this new venture.
Aligning with Political Trends
With the upcoming elections, Strive is positioning itself alongside the Trump trade, which analysts suggest could positively influence crypto prices if Trump is re-elected. Analysts from Bernstein have speculated that Bitcoin could reach $90,000 if Trump wins the presidency, given his favorable stance towards cryptocurrencies.
The Bigger Picture
Strive is recognized as an anti-woke investment company, with connections to other Republican backers. Ramaswamy's firm is not only focused on financial services but also aims to influence the regulatory landscape for cryptocurrencies, especially as Vice President Kamala Harris has recently adopted a pro-crypto stance, indicating a potential shift in policy.
Earlier this year, Ramaswamy expressed his intent to implement a comprehensive crypto policy framework if elected, showcasing the intertwining of politics and cryptocurrency.
Edited by Andrew Hayward
Comments