Curtis Jackson, famously known as 50 Cent, was one of the first few musicians to accept Bitcoin. It was back in 2014 when he allowed his fans to buy the album using bitcoin and it looks like the rapper is about to smile all the way to the bank. 50 Cent confirmed after a report on TMZ that the revenues generated from the sales were not touched. He just let them stay where they were.
It’s only recently that the rapper turned actor discovered this bitcoin stash and there couldn’t be a better time. 50 Cent says that at the time his album sales raked in about 700 bitcoins. This was actually 50 Cent’s fifth studio album titled Animal Ambition. The album first launched in June 2014 and featured a number of top tracks. Although this number is not yet confirmed, if it’s true then we are looking at the newest bitcoin millionaire.
On June 2014 when the album was launched, one Bitcoin was worth $657. Going by the 700 bitcoins the rapper raked in from album sales, total revenue based on the exchange at the time would be somewhere around $460,000. Although it’s definitely not bad, if the 700 bitcoins were to be exchanged in today’s market they will be worth somewhere around $7.7 million.
50 Cent confirmed that the bitcoins actually exist. The rapper wrote in a tweet that he had actually forgotten about the little small crypto bank but later added that he was proud he did it. He later posted on Instagram images of Bitcoin which suggested that indeed the report on TMZ was true.
However, it was not long ago that 50 Cent filed for bankruptcy under Chapter 11. The rapper had his $23 million debt restructured and a new payment plan of five years established. Sources indicate that 50 Cent was actually able to repay the amount owed early after some windfall from a settlement. Nonetheless, you’d think that his cool bitcoin millions would have come as a big rescue during his bankruptcy hearing.
But that aside, 50 Cent is actually one of the early backers of bitcoin. The currency was still relatively new and only gaining momentum at the time. There were many skeptics out there but the rapper was one of the few believers. The fact that he was ready to integrate Bitcoin into album sales was a big sign of trust and he has reaped the benefits.
However, as we have seen in the recent years, the world of cryptocurrencies can be very volatile. It’s not yet clear whether 50 Cent will cash out or hold for more future gains. But since he was a believer in crypto right from the start, it’s very unlikely that he will cash out. But in case he does, this would probably be the easiest $7 million that he has ever made. And to think that it’s just four years since he first acquired the coins.