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Director Goldman Sachs quit his job after earning millions on DOGE
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Director Goldman Sachs quit his job after earning millions on DOGE

created Michał Sielski11 May 2021

Aziz McMahon, executive director of Goldman Sachs, quit his job after earning millions of dollars on cryptocurrency DOGE. Previously, a token that was created for a joke, and its logo is Dog, promoted by billionaire Elon Musk. Recently, however, he laughed at Dogecoin on TV, so the rate began to drop significantly. What is this cabaret about?

Aziz McMahon has worked in the London office of Goldman Sachs for 14 years. Now he plans to set up a hedge fund, and this - as you know - requires a large injection of capital. Has the noble banker made enough money from a lucrative position at Goldman? No, most of the wealth he accumulated on a leveraged purchase of Dogecoin cryptocurrency. 


CHECK OUT: LIST OF CRYPTOCURRENCY EXCHANGES


The token price jumped 12% in the last 20538 months (this is not a mistake, it is over 20 percent!), and its capitalization exceeded USD 68 billion. This is the result of only speculation in which the richest man in the world, Elon Musk, joined. 

doge binance chart

Dogecoin chart (DOGE / USD), D1 interval. Source: Binance.com

Elon Musk: "Buy DOGE! Okay, I was kidding ... "

The billionaire communicating with the world via Twitter has written positively about this cryptocurrency several times. And that was enough to start the rally from $ 0,23 on April 3, 2021 to $ 0,70 on May 8, 2021. Earlier this year, Dogecoins could be bought at will for $ 0,09.

But last weekend, the price plunged over 30% as Elon Musk appeared on a TV show "Saturday Night Live". During it, among others he pretended to be a financial expert, parodying him and mocking him at the knowledge of this professional group, presenting forecasts that work as often as a dice roll. Finally, the journalist asked directly:

  • Dogecoin is a fake?
  • Yes, it's a fake, 'the billionaire laughed.

DOGE - a cryptocurrency that was supposed to be a joke

What is Dogecoin? This cryptocurrency was supposed to be a contradiction of the idea from the very beginning blockchain technology and digital money. Most often, these are well-thought-out, well-constructed projects based on solid business foundations that find a niche that they make great use of: easy payments, international settlements, smart contracts, quick purchases in the gaming industry, etc. 


Check it out: How to invest in gaming? [Guide]


But not Dogecoin. It is a cryptocurrency that is based on ... sense of humor. The history of its creation is a response to the campaign against the TOR network (the Internet ensures anonymity) and Bitcoin. Dogecoin was created after the arrest of people who traded in weapons and drugs on the Silk Road auction site, who settled in Bitcoins. In the mainstream media, articles immediately appeared that equated illegal activities with the world of cryptocurrencies, which were allegedly only to be used by criminals and gangsters. 

Shiba Inu - the most famous Doge in the world

shiba inu doge original

Kabosu, the dog after which the famous "Doge" is modeled.

It was then that Dogecoin was created by the American programmer Bill Markus. Based on Litecoin source code digital currency does not stand out and is used for nothing other than speculation. Its name and logo allude to the Doge meme that appeared very often in the past, with a funny photo of a Shiba Inu dog. The logo was invented and designed Jackson palmer from the Australian branch of Adobe Systems, which also bought the domain dogecoin.com and started to promote this cryptocurrency.

The network was launched on December 6.12.2013, XNUMX and 10 days later it will be worth three times more than during its debut. After a few months, it even surpassed Bitcoin in the volume of trading. Dogecoin quickly became a hit with the Youtuber community, Reddit and Twitter. 

In Dogecoins, 35 thousand were collected in one day. USD for Jamaican bobsleighers, who were able to take part in the Olympic Games in Sochi in 2014, as well as 55. USD, which was allocated to Josh Wise, competing in the American NASCAR races with the logo on the car on which he was proudly supported by "Doge". 

Today some people still laugh at Dogecoin. Because that's what it was built for. The director of Goldman Sachs, however, probably laughs at all those who said that such an investment a few months ago was a step towards bankruptcy.

Elon Musk on Saturday Live Night

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About the Author
Michał Sielski
Professional journalist for over 20 years. He worked, among others, in Gazeta Wyborcza, recently associated with the largest regional portal - Trojmiasto.pl. He has been present on the financial market for 18 years, he started on the Warsaw Stock Exchange when the shares of PKN Orlen and TP SA were just being introduced to the market. Recently, his investment focus has been exclusively on the Forex market. Privately, he is a parachutist, a lover of Polish mountains and a Polish karate champion.