A Goldman Sachs executive is quitting his job after reportedly making a fortune trading Dogecoin.
Based in London, Aziz McMahon, managing director and head of emerging market sales, had been with the U.S. investment bank since 2007, according to his LinkedIn profile.
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McMahon’s abrupt departure was first reported by The Telegraph, which says McMahon has made millions from investing in Dogecoin. McMahon reportedly was not involved in trading cryptocurrencies for Goldman Sachs and made the money investing with his personal account.
Dogecoin is the meme-inspired cryptocurrency, created in 2013 by two software engineers as a joke coin to parody Bitcoin. It began trading at $0.0005 apiece with a cap of 100 billion mineable coins, but quickly gained popularity and had become the 25th largest cryptocurrency by April 2019.
This year its dollar value has increased dramatically, with internet hype and celebrity endorsements, including frequent mentions from Tesla CEO Elon Musk.
His appearance on Saturday Night Live last weekend set off a 40% slump in the cryptocurrency after he joked that Dogecoin is a “hustle” although it has since rebounded and is still up by more than 1,000% since the start of 2021.
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