Apparently, the meme coin reportedly made this man richer than he can ever imagine.
Can you get rich while investing on cryptocurrencies? For some people, the answer is yes. In fact, one reported proof of it was the former executive at Goldman Sachs in London, UK. The investment bank confirmed that the official is no longer working with them. Surprisingly, a new report suggests the ex-manager invested on Dogecoin and never returned to work anymore.
Man invested on DOGE and left his job after?
On Tuesday, May 11, Bitcoin. com reported about the former Goldman Sachs executive who recently left his job after reportedly earning profit on his DOGE investment. Aziz McMahon, a managing director at Goldman Sachs in the U.K., resigned from his position in the investment bank.
According to his Linkedin Page, McMahon was with the bank for 14 years. Until one day, Business Insider talked with Goldman company, confirming the resignation of the official. His former company didn’t say any reasons behind his sudden departure from the company.
However, one report from EFinancialCareers suggests that McMahon invested his money on DOGE cryptocurrency. After some time, his investment earned millions of dollars, making him to leave the company and plan on creating his own hedge fund company instead.
“Aziz McMahon, a managing director and head of emerging market sales at Goldman Sachs in London, has resigned, allegedly after making money on dogecoin, the cryptocurrency championed by Elon Musk, whose value rose 72 times between the start of January and late last week,” excerpt from the publication.
Of course, this story was not yet confirmed by anyone from the Goldman, or McMahon himself. Tech Visibility advises for you to take this story with a grain of salt.
Despite that, EFinancialCareers pointed out that, not just McMahon, a lot of business enthusiasts in the industry have already shifted their careers to focus on cryptocurrency.
Financial bosses shifting to crypto
Last week, John Dalby, former CFO of Ray Dalio’s Bridgewater Associates, the world’s largest hedge fund, joined bitcoin investment firm, the New York Digital Investment Group (NYDIG).
Former executive director at Nomura Jesse Bornstein also recently became Vice President of institutional sales at Stakehound. Apart from him, an ex-senior analyst at Bank of America, Luyi Zhang, has also joined Coinbase as their new senior software engineer.
DOGECOIN plunges and rises
Though the story of McMahon could be true, many financial experts still think that investing on a so-called ‘meme’ coin can be dangerous for normal people. Ever since the airing of Elon Musk’s hosting gig on Saturday Night Live (SNL), DOGE value went to sudden drop and slowly increases over time.
In a Tech Visibility report, it says there that Musk calling the coin as ‘hustle’ on the show might be the main reason why a lot of people sold their coins after its airing. Some DOGE holders also noted that SNL’s lame jokes could have resulted to its plummeting value.
As of now, the coin is ranging from $.49 to $.53 after Elon suggested Tesla taking Dogecoin as payment method.