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.
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.
50 Cent (0.000046 BTC) posted on instagram about making millions of dollars in Bitcoin and forgetting about doing it https://t.co/fycFbwMaUZ pic.twitter.com/aD6VLj3zfS
— Neeraj K. Agrawal (@NeerajKA) January 23, 2018
H/T Complex