Mark Zuckerberg pioneered social networking. 30 years prior, Bill Gates and Steve Balmer revolutionized operating system software. Will the next tech milestone be in the cryptocurrency space? It just might be!
Plympton Capital is a cryptocurrency hedge fund lead by 19-year-old Bushra Hamid and is joined by 3 other students at Harvard – Scott Sussex, Omar Sorour, and Junaid Zubair. The team is currently in the fundraising phase and the official launch of the hedge fund is set to be in 8 weeks. To start off, the team plans on raising $1 million USD and has already managed to raise $700,000 from family and friends.
Although they aren’t business majors, the four have some relevant experience. Junaid Zubair has been an intern for a bank in New York and an asset manager in Chile. Scott Sussex is a junior in applied math and Omar Sorour is a senior in neurobiology and economics.
The quartet invested in coins independently and began meeting to discuss cryptocurrencies last year. Last fall, Hamid started the Harvard Undergraduate Blockchain Group and 300 students showed an interest. Although Hamid won’t reveal how much she made from her crypto-investments, she did express how her returns from the investment impressed a friend enough to spur her into action. “He was instantly, instantly intrigued,” she said. “He said, ‘Start something and I’ll invest.’ I realized, ‘Why not?”’’
For many years, individual investors have dipped their feet in the crypto-market but up until recently funds have shown little or to know interest due to the volatile nature of these currencies. According to Autonomous Research LLP, 226 funds have opened so far, most in the last year and they manage about $5 billion in capital. Lex Sokolin, the global head of fintech strategy at Autonomous Research says that it could cost as much as $50 million to run a successful fund.
Per the Eurekahedge Cryptocurrency Hedge Fund Index, crypto funds’ returns for the year 2018 have dropped to 40 percent but hopefully new hedge funds like Plympton Capital will result in more fruitful crypto-returns in the near future.