Being the first rapper to accept Bitcoin as payment has finally paid off for 50 Cent, who recently rediscovered close to 700 Bitcoins earned via album sales in 2014, now worth anything from $7 to $8 million.
According to celebrity news website TMZ, 50 Cent (real name James Curtis Jackson III) accepted Bitcoin as payment via BitPay for his album “Animal Ambition”, which was released back in 2014.
Album sales earned the rapper approximately 700 Bitcoins – at the time, a single Bitcoin was worth close to $600, which means 50 Cent made a little over $400,000. According to TMZ’s sources, these Bitcoins lay forgotten in 50 Cent’s account for years, before being rediscovered recently.
According to present-day prices, it appears the rapper has amassed a small Bitcoin fortune worth $7-$8 million (depending on Bitcoin’s fluctuating price) and managed to turn his lowest selling album into a coincidental success story. Whether he plans to cash out or continue holding remains to be seen.
50 Cent (who filed for bankruptcy in 2015 and finally managed to emerge from it last year by paying off $23 million in debt) confirmed the news via an Instagram post with the caption “Not Bad for a kid from South Side, I’m so proud of me.” Later, in a comment on the same post, the rapper wrote “I’m a keep it real I forgot I did that shit. Lol.” Another post depicting the album art for “Animal Ambition” interspersed with a ‘Bitcoin accepted here’ logo was uploaded shortly afterward, with the caption “all moneys is good money over here”.
While governments and banks worldwide have adopted a suspicious, even hostile, stance on cryptocurrencies, the music and film industries have displayed a more open and accepting attitude toward Bitcoin and its peers. Last year, singer Björk set up crypto-payment options for her album Utopia, and 45 music stars partnered with Monero to accept payments in XMR during the holiday season. In addition, famed Hollywood movie producer Christopher Woodrow announced that he would be launching a cryptocurrency called MovieCoin to fund future films.