Trump adviser Vivek Ramaswamy adds bitcoin to $1.7 billion asset management firm

Strive Asset Management, a financial services firm founded by former Republican presidential candidate Vivek Ramaswamy, said Friday that it will accept Bitcoin in Texas.

Managing $1.7 billion in assets, the company is a press release “Integrating Bitcoin into the regular portfolios of everyday Americans” will be at the heart of the business as it moves its headquarters from Ohio to the Lone Star State.

Part of Strive's new wealth management business, the firm made bitcoin an ideal hedge, citing “unsustainable global debt levels, rising fixed income yields, long-term inflationary pressures, persistent geopolitical pressures and potentially restrictive monetary controls.”

Meanwhile, Strive announced that it has completed a $30 million Series B round led by Cantor Fitzgerald. Ramaswamy served as a campaign surrogate for former President Donald Trump. A vocal crypto supporter before dropping out of the 2024 race, Cantor Fitzgerald chairman and CEO Howard Lutnick is leading Trump's transition team.

“It's time to start a pro-capitalist wealth management business focused on true financial freedom,” Ramaswamy said in a statement, referring to environmental, social and governance (ESG) changes. ) perspectives.

Four days before the election day, Ramaswamy's company is aligning itself with the so-called elements. Trump's business. Because the Republican candidate did Too many For crypto holders this year, analysts believe crypto prices could benefit from Trump's re-election. For example, in September Bernstein analysts said Bitcoin It could reach $90,000. If Trump wins the White House.

As he says Fox BusinessStrive is an “anti-activist” investment company with other supporters tied to the Republican ticket. Naria Capital, which invested in Strive's Series B round, was founded in 2020 by Trump running mate and Ohio Senator JD Vance.

Gary Dorfman, who brings experience from brokerage firm Sanford C. Bernstein, will lead Strive's new business as president. Randall Curtis, formerly deputy chief investment officer at One Capital Management, will serve as CIO of the business.

Speaking at a Bitcoin conference in Nashville earlier this year, Ramaswamy said that Trump would lead America to “Bitcoin SuperpowerHe said. Before that Ramaswamy he said. If the commander-in-chief is elected, he will implement a “comprehensive crypto policy framework”.

Earlier this month, Vice President Kamala Harris A Pro-crypto stanceIndicating that she supports a regulatory framework for digital assets. The covenant was prophesied by Ramaswami He wrote After Trump's speech in Nashville, she tweeted in July that she would be forced to come up with a “policy framework to support pro-crypto voters.”

Edited by Andrew Hayward.