Strive Asset Management, the investment firm established by Vivek Ramaswamy, a former presidential candidate within the Republican Party and now an advisor to Donald Trump, has integrated Bitcoin investment under its wealth management business.
According to a press release, Strive, which oversees $1.7 billion in assets, hopes to integrate Bitcoin into the portfolios of average Americans as a pillar of its business strategy. In the wake of this huge move, Strive, founded by Vivek, also announced a $30 million series B funding round, which was successfully completed with input from Cantor Fitzgerald’s Howard Lutnick, who is known for his relationships with the Trump campaign.
The firm pointed out various aspects of the economy, including the level of global debts and inflation, as reasons for augmenting portfolios with Bitcoin.
With the U.S election just few days away, this decision perfectly resonates with what market observers have termed the ‘Trump trade’. With Trump declaring his support of the pro-crypto cause, and pledging to make America a Bitcoin “superpower”, Bernstein analysts have predicted Bitcoin under Trump’s leadership could exceed the $90,000 mark in case he becomes president.
Strive has also hired Gary Dorfman, who used to work for Sanford C. Bernstein, as its new business president. Randol Curtis, formerly deputy chief investment officer at One Papital Management, will serve as the business CIO. The company’s growth is aided by significant Republican-aligned financiers such as Narya Capital, founded by Trump’s vice presidential hopeful JD Vance.
This development comes as both major political camps are also getting more involved with crypto, with Vice President Kamala Harris recently endorsing a regulatory framework for digital assets.
Also Read: Vivek Ramaswamy Exits U.S. Presidential Race
