By Olga Kharif | Bloomberg |
In the 1970s, Bill Gates and Steve Ballmer revolutionized operating system software. Thirty years later, Mark Zuckerberg helped pioneer social networking. So what’s the latest generation of Harvard tech entrepreneurs up to? Looking to cash in on cryptocurrency, of course. Sign of the times.
Bushra Hamid, the 19-year-old daughter of Syrian immigrants, has teamed up with three schoolmates to form Plympton Capital, a hedge fund for investing in digital currencies. Hamid says they aim to launch in six to eight weeks, starting with $1 million. Plympton, named for a street in Cambridge, Massachusetts, has already raised $700,000 from friends and family.
“We don’t necessarily know a lot,” when it comes to the ins and outs of Wall Street, Hamid said, but when it comes to crypto, “they have full trust in us.”
While many tech-savvy individual investors have long dabbled in cryptocurrencies, funds became interested in the last few years. About 226 have opened so far, most of them within the past year, managing as much as $5 billion in capital, according to Autonomous Research LLP.
Current Plympton investors say the team has what it takes to succeed.
Read more at Bloomberg.