Goldman Sachs Manager Quits After Making Millions off Dogecoin

A Goldman Sachs executive in their London branch has reportedly quit after making millions of dollars on dogecoin as the former meme cryptocurrency rests at a gain of over 1000% year-to-date.

According to a report from Efinancialcareers, managing director and head of emerging market sales Aziz McMahon resigned from the Goldman Sachs London branch sometime last week. 

McMahon did not respond to request for comment from any media outlets, but sources from the Guardian suggest that the gains on his investment were substantial and that he had indeed left the company after 14 years.

Reports indicate that McMahon invested in various cryptocurrencies with his own money and was not investing on behalf of Goldman Sachs.

Dogecoin has had a meteoric rise over the course of 2021, backed in large part by Elon Musk and Mark Cuban. Early buyers of doge are believed to have gained substantial amounts of money from its climb, and one investor in particular is believed to have amassed over $2 billion from their stake.

Investors have quickly flooded into the cryptocurrency markets amid concerns that rising inflation will erode the value of the dollar and the euro as COVID-19 pandemic restrictions ease. Goldman Sachs, who had previously stayed away from crypto markets, opened a bitcoin trading desk last week.

Others have cautioned users against both crypto and dogecoin, saying that their value is entirely speculative. Governor of the Bank of England Andrew Bailey repeated his warning to crypto investors last week, telling them that they should “be prepared to lose all of their money”.

Further criticism of dogecoin has risen after reports in mid April showed that one crypto wallet holds 28% of the global supply of the meme currency. This makes doge the crypto with the highest wealth concentration in the world, with 100 portfolios holding 67% of the global supply.

Tom Robinson, chief scientist and co-founder of blockchain analytics company Elliptic, said that he believes the doge whale is “almost certainly” Robinhood, based on the timing of the its creation and the addresses the wallet received funds from. 

Robinhood CEO Vlad Tenev has categorically denied this claim, saying that Robinhood’s only holdings in any crypto coin were expressly for their customers. “We don’t have a significant position in any of the coins the we keep on a proprietary basis or anything like that,” Tenev told MarketWatch.

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