A Goldman Sachs executive has quit after making millions by investing in the joke cryptocurrency Dogecoin.
Sources in the city told efinancialcareers that Aziz McMahon walked away from the US investment bank after personal investments in Dogecoin made him a fortune.
The joke cryptocurrency has been booming this year after the likes of Elon Musk and Snoop Dogg started tweeting about it.
Dogecoin has risen more than 1,000% in value in the last year but has had a bumpy few days after Musk joked about it on Saturday Night Live.
It’s not clear exactly how much managing director McMahon actually made from betting on Dogecoin. But it’s believed he may use the profits to set up a new hedge fund after working for Goldman Sachs for 14 years.
Despite initially being sceptical of cryptocurrency, it seems that more professionals from the financial sector are embracing it.
In fact, Goldman Sachs opened a specific Bitcoin trading desk this week despite saying back in 2018 that it wouldn’t be getting into crypto.
As ever, money talks. Although in this case, it probably barks instead.
What is Dogecoin?
As cryptocurrencies started to gain momentum, due to the availability of the underlying technology – blockchain – ‘Dogecoin’ was created as a joke.
Everything about the cryptocurrency is designed to appeal to internet culture. The Shiba inu dog that is the face of dogecoin rose to fame after a meme of the breed went viral.
Meanwhile, the crypto lists its creators as Mr Palmer and Shibetoshi Nakamoto – a play on the mysterious creator of Bitcoin, Satoshi Nakamoto.
On its website, Dogecoin states: ‘Dogecoin is an open source peer-to-peer digital currency, favoured by Shiba Inus worldwide.’