Source: Harvard Undergraduate Blockchain Group 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, but they have full trust in us,” Hamid said.
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 last year, managing as much as $5 billion in capital, according to Autonomous Research LLP.
Bitcoin, the bellwether for the entire market, has retreated from last year’s heights, sending the crypto fund returns down 48 percent in the first quarter, according to the Eurekahedge Crypto-Currency Hedge Fund Index. Source: Autonomous Research LLP Many funds
aren’t expected to survive for long, and some have already folded.
In spite of those setbacks, more funds have opened, some helmed by people in their 20s, according to Remy Astie, chief executive officer of Citadelle Ltd., which helps set them up. Astie himself is 24. Read more from bloomberg.com…
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