Strive Incorporates Bitcoin into Wealth Management Strategy
By: Eliza Bennet
Strive Enterprises, a financial services firm co-founded by Vivek Ramaswamy, has announced the integration of Bitcoin into client portfolios through its newly launched wealth management division. The firm aims to utilize Bitcoin as a hedge against significant long-term economic risks such as inflation, rising fixed-income yields, and ongoing geopolitical tensions. The strategic move is part of an expansion plan supported by a $30 million Series B financing round led by Cantor Fitzgerald.
Recognizing Bitcoin's potential in providing resilience amid global economic instability and debt concerns, Strive's CEO, Matt Cole, emphasized its role in helping clients manage emerging risks. He stated that Bitcoin offers a tool for financial resilience. The new wealth management unit, based in Dallas, Texas, will be led by investment industry veterans Gary Dorfman and Randol Curtis, known for their substantial experience with firms like Sanford C. Bernstein and Morgan Stanley.
Strive is known for providing alternatives to traditional ESG-focused investing, dubbing its strategy as "pro-capitalist." The firm focuses on maximizing value without the constraints of environmental, social, and governance criteria. This initiative aligns with Ramaswamy's philosophy of fostering financial independence and his advocacy for Bitcoin as a counter to conventional financial governance. His active role in former President Donald Trump's 2024 campaign highlights his commitment to reshaping financial and business practices in the United States.
Ramaswamy, an outspoken supporter of Bitcoin, views it as an essential alternative to the US dollar, reinforcing financial accountability and preventing currency manipulation by the Federal Reserve. He has underscored Bitcoin's ability to provide individuals with an "opt-out from the broken financial architecture" of the current system. The integration of Bitcoin within Strive's wealth management portfolios marks a significant step in promoting financial freedom through pro-capitalism investment strategies.
