According to The Telegraph, the senior executive of Goldman Sachs left the company after earning millions of dollars from Dogecoin. Aziz McMahon, Head of Emerging Market Sales, resigned after working for an investment bank for 14 years.
Goldman Sachs’ senior director made a fortune on DOGE
The media reports that McMahon opened a hedge fund that helped him make his fortune. It is not known exactly how much he earned, but it is worth adding that since the beginning of the year, the value of DOGE has increased by about 10,000%, thus forcing a new narrative about what is smart investing.
A 40-year-old banker who worked for 14 years at Goldman Sachs has not yet responded to journalists’ requests for comment.
A meme that became a hit
The DOGE cryptocurrency is based on the doge’s meme, which is already past its prime. It turns out, however, that on the financial market, support from famous people is often enough for a given asset to surprise investors again. DOGE is supported not only by Tesla founder Elon Musk, but also rapper Snoop Dogg and bassist Kiss Gene Simmons.
Technologically, DOGE does not present anything groundbreaking. Even so, its price hit a record high of $ 0.74 last weekend. Today, however, one “coin” costs only $ 0.44, or as much as 26 percent. less than a week ago.
It is possible, however, that the price of the cryptocurrency will take off again. Reason? The head of Tesla announced that his company will no longer accept payments in BTC. It is about the high energy consumption of the Bitcoin network and the harmfulness of this process to the environment. At the same time, however, the company is reportedly analyzing the market and wondering which other digital currency to choose as a method of payment for its products. We wrote more about it here on our website.
Sam Elon Musk recently asked his Twitter fans what they thought Tesla would accept DOGE payments. Most of them were in favor of this idea.
DOGE is, however, too.
– Let’s be clear – this is a bubble. The DOGE price is not sustainable. It will collapse and a huge amount of retail investor money will be lost very quickly Cardano founder Charles Hoskinson recently said.