A senior manager at Goldman Sachs in London has reportedly quit his job at the investment bank after becoming a millionaire from his investments in the meme-inspired cryptocurrency Dogecoin (DOGE), which has seen its price move up over 20,000% over the last 12 months.
According to The Guardian Aziz McMahon was a managing director and head of emerging sales at Goldman Sachs. He worked at the investment bank for 14 years and has now quit thanks to the price performance of DOGE and its influence on his portfolio. How much McMahon made isn’t clear.
The former Goldman Sachs manager invested from his own personal account, and was not involved in trading cryptocurrencies for Goldman Sachs. The price of DOGE surged partly thanks to the attention it received from various celebrities including Tesla CEO Elon Musk, Kiss singer Gene Simmons, and billionaire Mark Cuban.
DOGE has been notably volatile over the last few weeks, plunging from an all-time high near $0.80 to $0.45 after Musk appeared on Saturday Night Live and said the cryptocurrency is “a hustle.” The cryptocurrency’s price has now been recovering, as Musk tweeted a poll asking his nearly 55 million followers if they wanted Tesla to accept DOGE as a payment method. At press time nearly four million users replied, with 78.2% of them choosing “yes.”
McMahon, according to Barrons, may be starting a hedge fund, although it isn’t clear whether it would be one specifically focused on cryptocurrencies. His departure comes amid growing interest in cryptoassets from investment banks and money managers.
Goldman Sachs has earlier this year “restarted its cryptocurrency trading desk” and started dealing bitcoin futures and non-deliverable forwards for clients. The move reversed a decision from 2018 to stay out of the cryptocurrency space.
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