2024-11-2 23:41 |
Strive Enterprises, an asset management firm co-founded by Vivek Ramaswamy, announced a new wealth management division on Nov. 1 that will integrate Bitcoin (BTC) into client portfolios, according to a Nov. 1 press release.
The move aims to use Bitcoin as a hedge against expected long-term economic risks, including inflation, rising fixed-income yields, persistent geopolitical tensions, and restrictive monetary policies.
According to Strive, Bitcoin is an asset that can offer resilience amid global debt concerns and economic instability. Ramaswamy said:
“Strive was founded to counterbalance the corporate tilt toward ESG. We’re taking that mission further with wealth management designed for financial independence.”
The firm also announced an expansion, including moving its headquarters from Ohio to Texas. The new unit will be based in Dallas.
Strive’s entry into wealth management reflects a broader strategy backed by a $30 million Series B financing round led by Cantor Fitzgerald.
CEO Matt Cole said that Bitcoin’s inclusion aims to help clients manage risks like rising fixed-income yields and geopolitical pressures. He added:
“We see Bitcoin as a tool for financial resilience.”
The wealth division will be led by industry veterans Gary Dorfman and Randol Curtis, both of whom have substantial experience in investment management at firms like Sanford C. Bernstein and Morgan Stanley.
Strive has built its reputation on offering alternatives to traditional environmental, social, and governance (ESG)-focused investing. Instead, the firm emphasizes what it calls “pro-capitalist” investing, appealing to a base of retail investors with its message of maximizing value without ESG constraints.
Ramaswamy, who is an active advisor in former President Donald Trump’s 2024 campaign, has consistently expressed strong support for Bitcoin. He views it as a vital alternative to the US dollar, emphasizing its role in holding the Federal Reserve accountable and preventing currency manipulation.
Ramaswamy has stated that Bitcoin offers individuals an “opt-out from the broken financial architecture created by the US Federal Reserve system.” He has become known for challenging conventional corporate governance models through his participation in Strive and his advocacy for financial freedom.
His involvement in both Strive and Trump’s campaign signals a shared interest in reshaping American financial and business practices. He added:
“The moment is now ripe to launch a pro-capitalism Wealth Management business focused on true financial freedom, with a focus on integrating Bitcoin into standard portfolios.”
The post Vivek Ramaswamy’s Strive to integrate Bitcoin as hedge against long-term economic risks appeared first on CryptoSlate.
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