On Friday, Strive Asset Management, a firm co-founded by investor and presidential advisor Vivek Ramaswamy, announced the launch of a new wealth management division. The initiative aims to provide “true financial freedom” for clients by integrating Bitcoin into investment portfolios as a hedge against long-term economic risks. 

The firm’s focus on Bitcoin concerns “persistent global challenges” such as unsustainable debt levels, rising fixed-income yields, long-term inflationary pressures, and geopolitical instability. 

Strive intends to equip everyday Americans with a robust defense against these anticipated risks by incorporating Bitcoin into standard portfolios. The firm’s CEO Matt Cole stated:

Strive is building a new-age financial institution founded on the time-tested fiduciary principle of maximizing value over all other considerations. Our focus on offering clients true financial freedom — through the thoughtful integration of Bitcoin — differentiates our Wealth Management business from nearly all major competitors today. Our growth to date in Asset Management has been driven almost entirely by retail customers, and our expansion into wealth management will allow us to serve these customers more completely.

Strive’s new wealth management business will be spearheaded by industry veteran Gary Dorfman, who will serve as president, and Randol Curtis, chief investment officer, CFA.

In conjunction with this expansion, Strive is relocating its corporate headquarters from Columbus, Ohio, to Dallas, Texas. The company plans to transition most of its Columbus-based staff to Dallas by the end of Q1 2025. 

The move is positioned to capitalize on Texas’s economic environment, which has gained recognition as a hub for capital and corporate relocation, along with Bitcoin mining operations over the past years. 

It was announced that Texas Governor Greg Abbott welcomed Strive’s decision, highlighting the state’s favorable business climate and role as a future center for capital markets, including crypto.

Vivek Ramaswamy, who recently took on an advisory role for Republican candidate Donald Trump after exiting the presidential race, has been vocal about the potential for Bitcoin in US monetary policy. 

As reported by Bitcoinist, Ramaswamy was one of the first proponents of adopting Bitcoin as a strategic reserve asset for the country, suggesting that the US dollar could be backed by a basket of commodities, including BTC, to help combat inflation and stabilize the currency’s value over time.

Last year, when he was still a contender in the 2024 race, Ramaswamy also advocated a change in leadership at the US Securities and Exchange Commission as key to the correct growth of the digital assets sector, which was later adopted by Trump when he vowed to fire the agency’s chairman, Gensler, on “day one”. 

At the time of writing, BTC was trading at $69,360, down nearly 2% on a 24-hour basis. 

Featured image from DALL-E, chart from TradingView.com 

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