24 Jan Did You Know: Rapper 50 Cent Made Millions from Bitcoin
Those who follow the music industry know that Curtis Jackson — better known by his stage name 50 Cent — was at one time considered one of the most successful and wealthy rappers on the planet. But little do we know is that some of his vast wealth (despite controversies surrounding his bankruptcy filing in 2015) can now be attributed to bitcoin.
Back in 2014, 50 Cent became the first in the industry to accept bitcoin as payment for his album “Animal Ambition.” At that time, bitcoin was valued only around $662 per BTC. According to a report by TMZ, 50 Cent collected approximately 700 bitcoins from album sales — equivalent to about $420,000.
In an AMA (Ask Me Anything) session on Reddit following the album release, 50 Cent talked about accepting bitcoin as a way to “stay with the times.”
Seeing how bitcoin’s value shot up over the past year, we can probably guess how much money the rapper has made since acquiring the coins. Even at a floor price of $10,000 per BTC, 50 Cent’s coins would have a value of $7 million. Essentially, he has made millions of dollars from collecting bitcoins from his 2014 album sale.
50 Cent has been known for making shrewd investments in the past. Over a decade ago, the rapper bought a minority stake in Vitamin Water, which was subsequently acquired by Coca-Cola for $4.1 billion in 2007. 50 Cent reportedly walked away with somewhere between $60 million and $100 million from that deal.
Delighted by the latest revelation, 50 Cent even posted a screenshot of the TMZ article on his Instagram feed. Commenting on the Instagram post, he wrote:
“Not Bad for a kid from South Side, I’m so proud of me.”
Given that bitcoin hasn’t been doing too well lately and its price is still volatile, it might be a good idea for him to cash out while the opportunity is there, as suggested by TMZ.
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