Aziz McMahon, a managing director and head of Goldman’s emerging market sales division in London, has resigned from the role after landing a huge payday from the meme-inspired crypto’s recent surge in value, with its price having increased by around 9,900% since the start of the year.
According to a report on the eFinancialcareers website citing City sources, McMahon may be considering starting a hedge fund with his newly acquired cash, although he is not the first banking executive to forgo traditional finance for crypto, with former senior staff from the likes of Bank of America and Japanese finance conglomerate Nomura having also jumped ship in the past to join crypto and decentralised finance firms.
Dogecoin’s rise to prominence this year has been heavily attributed to the antics of Tesla boss Elon Musk, who has tweeted his support for the crypto numerous times which have often been followed by large swings in its value.
The crypto’s surge is also remarkable given its original purpose as a joke cryptocurrency, however, it has also raised questions of crypto regulation and whether digital tokens with no underpinning technology can be allowed to be listed on markets.
In mid-morning trading on Wednesday, Dogecoin was down 2.5% over the last 24 hours at US$0.50.