Cryptocurrencies and the Blockchain Technology that powers them have been leading the recent wave of transformation for a cross-section of industries of which the Finance industry seem to be the most visibly penetrated. The extent of inroads it will make in industries particularly in Finance is yet unknown, however it is clear that it is increasingly redefining the career paths of young people, especially bright millennials on Wallstreet.
Sharp minds like Adrian Xinli Zhang who was ascending the ranks in Deutsche Bank AG in New York when he chanced upon Bitcoin. At 29, he has made enough income trading cryptocurrencies in his spare time that he decided to leave his job just this March even as he was being promoted to the position of director.
Also, at Goldman Sachs, Justin Saslaw, 28 and Jonathan Cheesman, 36 are some of the bank’s staff who have quit their jobs this year to go full-time into the field of crypto-assets finance – this they did after making personal profits from trading cryptocurrencies. People with knowledge of this have asked not to be disclosed.
In London, BlackRock Inc’s Asim Ahmad made enough from is savings from Ether (RoI on Ether for 2017 was over 9,000%) last year that he walked away from his day job. He says “I’m in a position where it doesn’t make sense to work at BlackRock anymore.” BlackRock is believed to be one of the world’s largest assets managers and Ahmad advised pension funds and Hedge funds whiles at post. He adds that “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.”
Whiles Wallstreet firms have largely dragged their feet in getting into the crypto space and even in times past bashed digital assets (however, a number of them such as JP Morgan and Goldman Sachs are now setting up cryptocurrency trading desk and making conscious researches into the space), a number of their employees have in their spare time ventured the space and made some good returns, enough to see them ditch their Wallstreet suits for the comfort of t-shirts and a simple computer device with internet connection to engage in crypto full-time.