Goldman Sachs banker quits after making millions from Dogecoin
Dogecoin started as a joke but now has a market value bigger than Twitter
11 May 2021 • 9:24pm
A London-based Goldman Sachs director has quit after reportedly making millions from investing in Dogecoin, a meme cryptocurrency that has increased its price by some 10,000pc this year.
Aziz McMahon, head of emerging market sales at the US investment bank, resigned after benefiting from the joke digital currency’s meteoric growth this year surpassing that of any other cryptocurrency.
City sources claimed Mr McMahon was opening a hedge fund with his cash, according to efinancialcareers, which first reported on his departure. It is unclear how much money Mr Aziz, who had been with the bank for 14 years, had made.
To the Moon! Goldman Sachs MD Exits Bank After Making Big Money in Dogecoin
This is a sign of the times, I guess. According to a report, a Managing Director at
Goldman Sachs (NYSE:GS) has exited the vaunted investment bank after making big money in Dogecoin.
Beginning in 2021, Dogecoin traded as less than a penny per coin. Jump forward a couple of months and Dogecoin is now trading at around $0.50 – off from a high of over $0.70. If you had purchased Dogecoin on January 1st and sold it recently you made a killing.
Aziz McMahon, head of emerging market sales at Goldman in London, has said adios to the prominent bank. While McMahon’s LinkedIn page indicates he is still at the firm (after 14 years), it may be a cryptocurrency that was creaeted as a joke that has provided the banker the type of financial security he may have desired when he joined Goldman. If you did not know, Dogecoin is now the 4th most valuable crypto by market cap standing around $65 billion.
Last week, bitcoin enthusiasts were buzzing with speculation about pictures of bitcoin mining lightbulbs from the Blockchain Summit.
Now, BitFury, the company responsible to developing the bulbs, says it is planning to make them available before the end of this year.
Why Mine With Lightbulbs?
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Dogecoin Made Him Millions, So He Quit His Job At Goldman Sachs
05/11/21 AT 2:35 PM
Investing in Dogecoin has made one Goldman Sachs executive millions of dollars, so he recently quit his job at the banking firm.
Aziz McMahon, a managing director at Goldman Sachs, who had been with the London division of the company for 14 years, according to his LinkedIn profile, left the company after profiting millions in a Dogecoin investment, as reported by eFinancialCareers.
Sources at Goldman Sachs told eFinancialCareers that McMahon may be starting his own hedge fund.
The news of McMahon’s departure comes as Dogecoin surged up more than 12,000% since Jan. 1, only falling after cryptocurrency backer Tesla CEO Elon Musk appeared on “Saturday Night Live,” where he called the currency “a hustle,” the New York Post reported.
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Elon Musk asks his Twitter followers if they want to pay for Tesla cars in Dogecoin. What’s next? Probably Tesla will put part of its balance sheet in Dogecoin, won’t they?
Elon Musk‘s love for Dogecoin (DOGE) seems to be touching new highs. A day after SpaceX announced accepting Dogecoin payments for its next space mission, Elon Musk teases his followers once again. On the microblogging site Twitter, Elon Musk asked his followers whether they want DOGE payments for Tesla Inc (NASDAQ: TSLA).
The world’s largest automobile giant already accepts Bitcoin (BTC) in payments against its car sales. Besides, Tesla has also invested part of its reserve cash in Bitcoin. Now, Tesla accepting DOGE will be a massive move for the meme-cryptocurrency.