Harvard: Just like Steve Ballmer and Bill Gates transformed the operating system software in the 1970s, and Mark Zuckerberg, another Harvard student, helps revolutionized social networking thirty years later. The latest generation of Harvard students is up at it again, looking to revolutionized digital currency, which of course is the sign of this times. Bushra Hamid, 19, a Syrian immigrant, collaborated with 3 of her schoolmates to create Plympton Capital, a hedge fund for investing in cryptocurrencies. Bushra said they have the plan to launch the hedge fund with $1 million in 6 to 8 weeks. Plympton Capital, which was named after a street in Cambridge, Massachusetts, has already raised $700,000 from friends and family.
Bushra said they do not necessarily know much when it comes to how Wall Street works, however, when it comes to cryptocurrency, “they have full trust in us.”
One of the investors in Plympton Capital said the team has everything it takes to succeed.
Adnan Khan, a physician in Austin, Texas said:
“Their method is what’s appealing. They have a smart approach with a proven track record. And I personally know Bushra’s ability to focus with meticulous attention.”
The team is investing in the youth movement. An online survey carried out on about 2,000 adults by Harris Poll for Blockchain Capital revealed that 4% of millennials – people between age 18 to 34 – owned BTC, and 16% of the millennials have the plan to buy BTC in the next 5 years.
Junaid Zubair, another Plympton founder, said:
“Some people might see our age and see this is a new growing space that’s largely driven by the millennials. That allows for a high sense of liability but also passion and interest. There we might have an advantage.”
Junaid said that the team has the plan to deploy technical analysis, arbitrage opportunities, portfolio optimization, and machine learning to find the right investments. Though he refused to give more details.
The team began their meeting last year to discuss digital currencies when each of them invested in cryptocurrency independently. Bushra stated that she started the Harvard Undergraduate Blockchain Group last fall, in which about 300 students showed interest.
To get started, Bushra consulted an attorney, John Lore, who told the group that he has helped establish about 30 cryptocurrency hedge funds.
According to Lore:
“Emerging cryptocurrency funds see this an opportunistic time to start up the infrastructure to set up a fund. What that means is that at least fund managers are very bullish on the long-term aspects of cryptocurrency in varied investment strategies.”
Though they aren’t business majors, the 4 students have some relevant experience. Junaid interned for an asset manager in Chile and a bank in New York. Scott Sussex, another Plympton founder, is a junior in applied math, and the 4th member, Omar Sorour is a senior in neurobiology and economics. However, unlike Bill Gates and Mark Zuckerberg, the team members plan to graduate. Then they can work full-time on Plympton. Bushra said:
“Balancing running a fund and school is challenging, but part of the reason we have four co-founders, that’s allowed us to get where we have given time constraints with school,” Sussex said in a phone interview. “It’s meetings that start at dinner at go into the evenings, a lot of the weekends.”