4 Harvard Undergrads to Launch Crypto Hedge Fund

Four Harvard undergraduates have teamed up to create a cryptocurrency hedge fund. It will start with $1 million and is expected to rely on Millennial investors.

Anatol Antonovici,
1 hr ago


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Bushra Hamid, a 19-year-old Harvard undergraduate, has joined forces with three schoolmates to launch Plympton Capital, a hedge fund focused on cryptocurrencies. Hamid, the daughter of Syrian immigrants, revealed the team aimed to start the company in about two months with capital of $1 million. The new firm has already managed to raise $700,000 from family and friends.

‘‘We don’t necessarily know a lot,’’ Hamid told the Boston Globe in reference to Wall Street practices, but noted that her family and friends “have full trust in us.”

The hedge fund investors see great potential in the young team. 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.’’

Plympton Capital will rely on Millennials given their greater interest in digital currencies. A recent study by Harris Poll for Blockchain Capital discovered that Millennials are twice as likely to invest in cryptocurrencies as the general population, with 4% of them revealing they have owned Bitcoin.

Junaid Zubair, another hedge fund co-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.’’

The fund will count on technical analysis – a type of analysis focused on the price action and involving technical indicators, portfolio optimization, arbitrage opportunities, and machine learning. The latter is a type of computer-based analysis that applies complex algorithms to extract value from data sets.

The four schoolmates started to discuss digital currencies last year. Also in 2017, Hamid launched the Harvard Undergraduate Blockchain Group, which had some success.

Hamid and her team will work with attorney John Lore, who claims to have helped launch over 30 cryptocurrency-oriented hedge funds.

According to Autonomous Research, about 226 crypto-oriented funds have opened so far, their combined assets under management standing at about $5 billion. However, many funds are in trouble because of the long-term cryptocurrency market correction.