Wednesday 12 May 2021 1:35 pm

Goldman Sachs director quits after making millions from Dogecoin

A London-based Goldman Sachs banker has reportedly quit after making millions from investing in Dogecoin.

The meme cryptocurrency has surpassed growth of any other digital currency this year, boosting its price by more than 10,000 per cent.

Aziz McMahon, head of emerging market sales at the US investment bank, resigned after benefiting from the cryptocurrency’s meteoric rise, according to the Telegraph.

McMahon, who has been with the bank for 14 years, is reported to have opened a hedge fund with his cash but it is unclear how much money he has made.

Dogecoin has recently become one of Tesla CEO Elon Musk’s favourite cryptocurrencies, with his Tweets being a major driver of its interest.

Musk refers to himself as the “Dogefather” and inadvertently sent its price on a nosedive after calling the coin a “hustle” on prime-time American TV.

According to cryptocurrency price tracker CoinDesk, Dogecoin’s market capitalisation is $65.8bn, bigger than Twitter and Ford.

Its market value is much smaller than Bitcoin, which has a total value of $1.06tn.