Goldman Sachs Executive Makes Millions From Dogecoin Trades, Quits Job

Goldman Sachs, Goldman Sachs Executive Makes Millions From Dogecoin Trades, Quits Job
Image by Jan Alexander from Pixabay

Yerevan (CoinChapter.com) — Goldman Sachs, a leading US investment bank, lost an employee to the Dogecoin frenzy currently taking over the financial world. Aziz McMahon, head of emerging market sales at Goldman Sachs, resigned from the bank after making millions of dollars from investing in Dogecoin.

The banker, who worked for the firm, is the latest on the list of investors who have become overnight millionaires, thanks to the opportunity created by the meme cryptocurrency. It is still not clear how much money McMohan was able to cash in on from Dogecoin. However, reports indicate he plans to start a hedge fund with the proceeds.

Read more: Revolut Contemplates Adding Dogecoin to Their Digital Banking Platform

The news comes a week after Andrew Bailey, the governor of the Bank of England, warned investors of the risks involved in the crypto space.

“I’m going to say this very bluntly again. Buy them only if you’re prepared to lose all your money.” Bailey had said. 

Meanwhile, SpaceX and Tesla founder Elon Musk said he plans to launch a space mission next year, fully paid for using Dogecoin tokens.

Musk is Dogecoin’s biggest cheerleader. His announcement helped Dogecoin register a 30 percent rise in value this week. It had previously crashed from an all-time high on Saturday after Musk’s appearance on Saturday Night Live (SNL).

Read more: Dogecoin Dives after Elon Musk Calls It A ‘Hustle’ on Saturday Night Live

Dogecoin Shuns Critics

Despite critics warning people to stay away from the volatile crypto space, success stories help create traction for emerging digital currencies. Reports suggest McMahon used his finances to bet on Dogecoin and did not trade cryptocurrencies for Goldman Sachs.

In the meantime, with the industry acquiring new takers, various crypto exchanges and platforms are hiring hundreds of people to meet the demand. Many employees from the traditional workforce, such as bank employees and financial consultants, are jumping at the new opportunity.

“There has been a steady migration of talented programmers, quants, traders, and executives into the crypto space over the past four to five years,” Kevin Cassata at Carbon Agency is quoted to have said.

This trend has also seen some big names shift towards the industry. Luyi Zhang, a senior quantitative analyst at the Bank of America, joined Coinbase as a senior software engineer.

With all said and done, McMahon’s success is sure to tickle the fancy of many who wish to turn their small savings into fortunes overnight.

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