Millennials are leaving behind the world of private equity and hedge funds, and jumping off the Wall Street merry-go-round for a new life because they’ve already made their money on cryptocurrency, writes EFC.
At least three staff members at New York’s Goldman Sachs have reported that it was time to move and start a new life, having made their own crypto fortunes, reports Bloomberg. Both Johnathan Cheesman, 36, and Justin Saslaw, a sprightly 28, have quit having made their money on trading and taking advantages of the crypto markets’ fluctuating fortunes.
Senior banker Jamie Dimon, who now regrets calling Bitcoin a fraud, is now forced to watch as those lower down the pecking order make enough money from cryptocurrency dealing to leave the security of a day job for pastures new. In March, Adrian Xinli Zhang became a director at Deutsche Bank in New York aged just 29, but was gone in a month after trading Bitcoin in his spare time, sources told Bloomberg.
BlackRock staff member Asim Ahmad put everything into Ether when he had the chance, using all of his life savings to invest in the digital currency, but has now left his London office to start anew on the back of his crypto profits. Asim commented:
“I’m in a position where it doesn’t make sense to work at BlackRock anymore… The one-day volatility of my portfolio is higher than my salary, so if I get a few investments right then I’ll have made the same as my yearly wage and everything else on top is a bonus.”
Zhang is reportedly working on a trading platform for digital assets, while Ahmad helps manage a fund that invests in blockchain businesses.
Why then, are millennials reaching these dizzy heights? Adam Grimsley, co-founder of crypto hedge fund Prime Factor Capital, suggests why a crypto generation gap among finance professionals certainly appears to be opening up.
“The youngsters may have less intellectual baggage and may be more open-minded, but they also have less responsibility for managing risk and working out the practicalities of bolting on crypto to the existing business.”
Grimsley adds, “You’ve seen a bifurcation internally at many larger houses where senior managers are very skeptical about crypto, while graduates and younger team members are very positive.”
Not all stay within the boundaries of the space that made them their fortunes. After more than 20 years working at HSBC and as a CEO for a while, Julius Cardoza now runs a London life coaching firm, with HSBC now one of his clients. One of his training program exercises is to get his clients to perilously walk over hot coals.
“Firewalking is transformational for the rest of your life because after that there’s nothing you’re frightened of because you have already tested yourself to the limits of what you think you can achieve,” he explains.
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