Goldman Sachs executive Aziz McMahon has resigned from his position with the financial giant after garnering a massive cryptocurrency fortune.
Aziz McMahon Is Out at Goldman Sachs
This news is coming at a time when most cryptocurrencies are in the doldrums. Bitcoin, for example, has fallen from its recent all-time high of $64,000 per unit – initially achieved in April of this year – to about $48,000 at press time. This is a $16,000 drop, and many other leading altcoins such as Ethereum do not appear to be faring much better at press time.
However, for some people, cryptocurrency is giving them solid financial rewards, one of which is McMahon. As a managing director for Goldman Sachs and the head of emerging market sales in London, McMahon quit his position following a solid bet worth three million pounds on ether of all things, which hit a new high of approximately $4,000 not too long ago.
The news came about thanks to three former employees of Goldman Sachs, all of whom claim to know McMahon personally. While specific details are not being offered at this time, it is believed that he may have cashed in on approximately $14 million worth of cryptocurrency. The employees wish to remain anonymous, though it appears he has made money off his initial Ethereum bet while also cashing in on some Dogecoin investments.
Additional reports suggest McMahon is in the process of setting up his own hedge fund, which he is calling e-Financial Careers. While Goldman is not offering specific information, they have confirmed that McMahon is no longer working with the company.
Ethereum is the second largest cryptocurrency by market cap and the number one competitor to bitcoin. While the currency is nowhere near the number one spot, it has risen in price by more than 400 percent in just the past four months alone. The currency can be used to trade and purchase other assets, though the network remains popular amongst crypto developers who often seek out Ethereum thanks to its smart contract capabilities. This makes it a popular platform for those looking to establish new tokens or decentralized applications (dapps).
Not Everyone Is Crazy About Crypto
Dogecoin, on the other hand, is a cryptocurrency that began two years before Ethereum in 2013. Initially started as a joke/ meme coin, the currency has garnered much attention from the likes of billionaires like Elon Musk, the man behind both SpaceX and Tesla. Thus, the currency has risen to become the fourth largest cryptocurrency by market cap, recently beating out Ripple’s XRP for the position.
With stories like the one surrounding McMahon, it is odd that figures such as Warren Buffett and Charlie Munger of Berkshire Hathaway fame can continue to dismiss cryptocurrencies with such prejudice. Recently, Munger commented that he hated the “bitcoin success” story, while Buffett has also spoken very ill of the asset.