A London-based Goldman Sachs director quit his job after reportedly making millions from investing in Dogecoin. Dogecoin started as a meme cryptocurrency that has increased in value by 10,000 percent just in 2021. 

© Unsplash_Marten Bjork

Aziz McMahon was the head of emerging market sales at the investment banking firm and resigned after he amassed millions by investing in the joke digital currency. The meteoric growth of Dogecoin surpassed any other cryptocurrency this year and it now has a market capitalisation of $65.8bn. That’s bigger than Twitter, Ford and other Fortune 500 companies. Dogecoin’s value rose from $0.0054 at the start of the year to $0.515 on Tuesday. Early buyers of the digital currency have amassed small fortunes including one anonymous owner with a stake thought to be worth more than $2bn. 

McMahon is now planning to open a hedge fund with the cash he earned according to efinancialcareers. As of now, it is unclear how much money Aziz earned from Dogecoin but it’s certain that he was comfortable quitting his high paying investment banking job. Aziz had been an investment banker for 14 years before his resignation. 

It is believed Aziz earned the returns using his own money from his personal account and was not involved in trading the cryptocurrency for Goldman Sachs. 

© Reuters

Dogecoin also became Tesla chief executive Elon Musk’s favourite digital asset who refers to himself as the “Dogefather". Dogecoin was created by former Adobe and IBM software engineers who made the cryptocurrency in reference to a popular internet meme featuring the Shiba Inu dog breed. As of now, there is no limit on the number of Dogecoins that can be mined. 

Some investors also believe that cryptocurrency could offer protection against inflation but could also be eroded as global economic growth accelerates after nations have started to recover from the COVID-19 pandemic. 

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