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  • Goodbye, Russia – A Number Of Goldman Sachs Employees Are Leaving Russia To UAE

    Goodbye, Russia – A Number Of Goldman Sachs Employees Are Leaving Russia To UAE

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    Goldman Sachs is relocating some of its Moscow-based staff to the United Arab Emirates as a result of Russia’s onslaught on Ukraine, numerous news agencies reported Sunday.

    The Wall Street behemoth is sending some of its employees to Dubai, a key financial hub in the Middle East, as foreign corporations reevaluate their Russian operations as the Ukraine crisis enters its second week.

    The Goldman Sachs Group, Inc. is a New York City-based international investment bank and financial services company.

    Goldman Sachs employs over 40,500 people and had total assets of approximately $1.2 trillion as of 2021.

    Related Article | Billionaire Investor Says Crypto Outlook Is ‘Very Bullish’ For Bitcoin

    Urging Goldman Sachs To Abandon Russia

    Georgy Egorov, a former Goldman Sachs banker, published an open letter to the company’s Chief Executive Officer David Solomon this week, urging the bank to exit Russia and shift workers in order to be “on the right side of history.”

    Egorov, who was born in Russia, suggested that Goldman should suspend all operations in Russia “as a show of defiance” and join international sanctions against what he described as a “criminal regime.”

    Russia has been slapped with heavy international sanctions that have thrown its economy into a tailspin – the outcome of a coordinated global effort to isolate Moscow in the aftermath of President Vladimir Putin’s invasion of Ukraine.

    British MPs Pressure Banks To Halt Russian Operations

    As a result of this development, British members of parliament are also pressing large banks to terminate their Moscow services, after campaigners accused them of “quietly benefitting” from their Russian activities while other industries  are distancing themselves from the country.

    Several of Moscow’s largest lenders, including HSBC, JP Morgan, Deutsche Bank, and Credit Suisse employ thousands of people to provide banking services to large firms and wealthy clients conducting business in Russia.

    BTC total market cap at $723.85 billion on the daily chart | Source: TradingView.com

    Goldman Sachs Asset Management reduced its exposure to Russia in its GQG foreign equities fund to around $222 million earlier this week, down from more than $1.7 billion six months ago.

    On Monday, Netflix, American Express, and two leading accounting companies suspended connections with Russia in response to its atrocities in Ukraine.

    Russia-Friendly Dubai

    Dubai is regarded as one of the few flourishing cities in the world with a government that is friendly to Russia.

    The UAE abstained from a United Nations Security Council resolution condemning Moscow’s invasion of Ukraine at the end of last month.

    Related Article | Bitcoin Falls Back To $38,000 As Russia Steps Up Bombardment Of Ukraine

    Goldman Sachs Bullish On Bitcoin

    According to Goldman Sachs, Bitcoin currently holds a 20% share of the “store of value” market.

    With gold reaching a critical level of $2,000 per ounce on Monday, Goldman Sachs analyst Zach Pandl believes Bitcoin has the ability to surpass the $100,000 mark in the coming years.

    Bitcoin was priced at $38,181.82 on Monday, according to Coingecko’s monitoring. In the last 24 hours, the cryptocurrency has lost 3.5%.

    Featured image from ODDS.com, chart from TradingView.com

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  • Elon Musk Leaving Doge Behind For New Dog Coin?

    Elon Musk Leaving Doge Behind For New Dog Coin?

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    Elon Musk has seemingly left behind the Dogecoin for a shiny new dog coin; Shiba Inu. Shiba Inu is a dog breed. More specifically, the dog that is used in the Dogecoin memes is a Shiba Inu. Given the popularity of Dogecoin, the coin seems to have been created to benefit from that popularity.

    The coin is created by someone who is only known by the name Ryoshi. Little else is known about the founder. This is very similar to the case of bitcoin with Satoshi Nakamoto. A moniker that no one has claimed is them to this date.

    Related Reading | Crypto Isn’t Money, Annual Economic Report On Bitcoin

    Musk posted a cryptic tweet on his Twitter earlier today apparently in reference to a dog breed he’s getting. But the message behind the tweet was received loud and clear by the market.

    The tweet simply said, “My Shiba Inu will be named Floki.”

    After the tweet went live, the price of Shiba Inu rose quickly. Rising 23% in a couple of hours.

    More interestingly is the creation of another dog coin named Floki. The coin seems to have been created after Musk tweeted and now the coin is up a whopping 3,000 percent.

    Rise Of The Dog Coins

    The billionaire has always been a die-hard fan of Doge. Always tweeting in support of the coin and the project. He calls it the coin of the future. But it wasn’t until a couple of months ago that the billionaire’s tweets started leading the coin to pumps.

    With the movement of market prices after his tweets, people seem to have started to hang on to the billionaire’s every word. Putting money into a newly made coin just because he mentioned that he was going to name his dog that.

    Shiba Inu price chart from TradingView.com

     

    Shiba Inu price pumps after Elon Musk's tweet | Source: SHIBUSD on TradingView.com

    This is not the first time that Elon Musk has mentioned Shiba Inu. He made reference to the coin earlier in March when he tweeted that he was going to get a new dog. A Shiba Inu breed. The tweet read, “I’m getting a Shiba Inu. #resistanceisfutile.”

    The tweet made no mention of the coin itself. But nonetheless, people took it as such and the coin pumped. SHIB, as the Shiba Inu coin is commonly known, has pretty much followed the pattern of Dogecoin ever since. Rising and falling accordingly whenever Musk tweeted and people bought the coin.

    Doge And Subsequent Dog Coins

    There have been a number of meme coins made as a nod to the Dogecoin. Coins like the DogeFather, Shiba Inu, ShibaPup, and others. Shiba Inu touts itself as the Dogecoin killer.

    These coins have no use cases really. If anything, they are just coins made to pump and dump and make a quick buck from. There is nothing remarkable about the projects themselves.

    But the remarkable thing is how these coins seem to gain market value. Coins with seemingly nothing to offer the market somehow end up with a huge market valuation. Shiba Inu currently has a $7.32 billion market cap.

    Related Reading | Can Elon Musk Go To Prison For Manipulating Prices And Shilling Shitcoins?

    All of these coins have one thing in common; they are all in reference to dogs.

    Dogecoin itself that started all of it was created as a “tongue-in-cheek” joke towards bitcoin and the crypto market. It was not meant to do anything. Even the founders sold off all of their coins early on.

    Musk has been talking about getting a Shiba Inu for months now but has still not gotten one. And people are using his tweets to manipulate the market.

    Whether Musk meant the tweets to promote to coin is not known. But investors certainly think that’s what it’s meant to do.

    Musk has been talking about getting a Shiba Inu for months now but there is none in sight.

    Featured image from Observer, chart from TradingView.com



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