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50 Cent made millions on a Bitcoin investment he forgot about (updated)

Get rich or die tryin’ Bitcoin.

Photo of Audra Schroeder

Audra Schroeder

50 cent made millions off bitcoin

Update 3:32pm CT, Feb. 26: 50 Cent admitted on Monday that he never owned any Bitcoin. But he went along with the initial reports because it was beneficial to his “brand,” according to a bankruptcy document obtained by the Blast. (He had to admit as such to prove that he’s actually bankrupt.)

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When 50 Cent‘s Animal Ambition came out in 2014, it didn’t really make a dent on the charts, but thanks to an investment in Bitcoin, the album has now reportedly netted between $7 and $8.5 million.

The rapper was allegedly the first to accept the cryptocurrency as payment and received 700 bitcoins for the album. At the time Bitcoin was worth roughly $662 a coin, which equaled out to about $463,000 in album sales. In the four years since, Bitcoin’s value has fluctuated, dropping steadily over the first few weeks of 2018. It sits at around $11,000 a coin, which would make 50 Cent’s 700-bitcoin investment worth more than $7 million.

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In a 2014 Reddit AMA, 50 Cent said: “Technology is what’s changing the business gotta get with it.”

50 Cent posted the Tuesday TMZ article about his investment to Instagram, and in a comment he claimed he really did forget about it.

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H/T Complex

 
The Daily Dot