Investment bank exec quits after making millions from Dogecoin

Crypto asset, which started as a parody of Bitcoin, is up more than 1,000% from the start of 2021

Investment bank exec quits after making millions from Dogecoin

A senior manager at Goldman Sachs has quit the U.S. investment bank after making millions from investing in Dogecoin, according to a report in The Guardian.

The joke crypto asset, which started as a parody of Bitcoin, has risen by more than 1,000% in value this year.

The Guardian’s sources said that Aziz McMahon, a managing director and head of emerging market sales in London, had resigned from the bank after making money from investing in the digital currency.

Famous supporters of the digital asset include Tesla founder, Elon Musk, the rapper Snoop Dogg and the Kiss bassist Gene Simmons. Dogecoin has soared in value over recent months.

Little is known about how much money McMahon made after his departure was first reported by the website efinancialcareers. The banker, who has worked for Goldman Sachs for 14 years, did not respond to requests for comment. However, sources said they believed it was a substantial sum and that he had since left Goldman Sachs.

It is believed Aziz made the money investing on his own personal account and was not involved in trading cryptocurrencies for Goldman Sachs. The investment bank opened a Bitcoin trading desk last week, in a move reversing a 2018 decision to stay out of the market.

However, Andrew Bailey, the governor of the Bank of England, said last week that investors risked losing all of their money.

“They have no intrinsic value. That doesn’t mean to say people don’t put value on them, because they can have extrinsic value. But they have no intrinsic value,” he said.

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