Goldman Sachs manager quits after Dogecoin profit
Aziz McMahon, a managing director and head of emerging market sales, had resigned after reportedly making millions from his investment, according to The Guardian.
The cryptocurrency has risen by more than 1,000% in value this year and gets celebrity support from people such as Tesla founder Elon Musk.
Dogecoin rose above $0.72 against the dollar ahead of Musk’sappearance on Saturday Night Live.
The cryptocurrency dropped more than 30% since Musk’s appearance to about $0.50, according to Coindesk.
It is not known exactly how much money McMahon made from the investment., however sources tell The Guardian it was substantial.
The banker did not respond to The Guardian’s request for comment.
Aziz was not involved in trading cryptocurrencies for Goldman Sachs.
Goldman Sachs opened a bitcoin trading desk last week, in a move reversing a 2018 decision to stay out of the market.