A Goldman Sachs executive has reportedly resigned from the investment bank after making a fortune investing in Dogecoin. The meme’s cryptocurrency is touted by a growing number of celebrities, including the dogefather Elon Musk and Mark Cuban.
Goldman Sachs Executive quits after millions in cryptocurrency
Aziz McMahon, Managing Director at Goldman Sachs in the UK, has resigned from the investment bank. Goldman confirmed McMahon’s departure to Business Insider but gave no reason. However, financial careers reported The executive exit followed him by investing millions of dollars in Dogecoin and realizing that he might launch a hedge fund. With reference to unnamed sources, the publication described in detail:
Aziz McMahon, Managing Director and Head of Emerging Markets Sales at Goldman Sachs in London, has allegedly resigned after making money 72 times the value of Dogecoin, the cryptocurrency championed by Elon Musk, between the beginning of January and the end of last week had risen.
The price of Dogecoin is currently at $ 0.4741 after having increased significantly in recent months. It peaked at $ 0.6873 on May 6, ahead of Elon Musk’s Saturday Night Live (SNL). It’s up more than 27% this month and more than 720% since the beginning of April, based on data from Markets.Bitcoin.com. Since the beginning of the year, the price of the meme cryptocurrency has increased by around 4,548%.
Recently, another Dogecoin investor said he became a millionaire within two months of investing in DOGE. He said he started investing in the meme cryptocurrency after taking inspiration from Tesla CEO Elon Musk.
The meme cryptocurrency has been endorsed by a growing number of celebrities. Musk calls himself Dogefather and most recently conducted a Twitter poll asking his followers if Tesla should accept Dogecoin. Meanwhile, Shark Tank star Mark Cuban’s NBA team, the Dallas Mavericks, has accepted cryptocurrency for payments.
A number of executives at banks and investment banks have given up their traditional finance jobs to join crypto companies. Last week, John Dalby, former CFO of Ray Dalios Bridgewater Associates, the world’s largest hedge fund, joined the bitcoin investment firm New York Digital Investment Group (NYDIG).
Luyi Zhang, a former senior analyst at Bank of America, joined Coinbase as a senior software engineer. Former Nomura Managing Director Jesse Bornstein recently became Vice President of Institutional Sales at Stakehound.
Carbon Agency headhunter Kevin Cassata recently told Business Insider:
Over the past four to five years there has been a steady migration of talented programmers, quants, traders, and executives into the crypto space, many of whom have come from elite banks, funds, and trading firms and are starting their own businesses.
What do you think of Goldman Sachs’ resignation after investing a fortune in cryptocurrency? Let us know in the comments below.
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