Rapper 50 Cent made millions off his latest album, but it wasn’t because he sold millions of albums.
It was because he accepted bitcoins as payment.
Flashback to 2014, when 50 Cent was just releasing his latest album, Animal Instinct. At the time cryptocurrencies were just coming into their own, and for whatever reason, 50 Cent decided to accept bitcoins as tender for his album.
But back in 2014, the price of a single bitcoin was something reasonable: around $660, give or take, as even then the price of a bitcoin could fluctuate wildly over the course of a day.
According to a source speaking with TMZ, 50 Cent accepted around 700 bitcoins on sales of Animal Instinct. Back then, it would have amounted to approximately $450,000 in sales - pocket change for a guy that typically does business transactions in the millions. And so those bitcoins sat in his virtual wallet collecting digital dust.
But now it’s 2018, and bitcoin prices have exploded. Today the price of a single bitcoin is $11,000, which means 50 Cent’s collection of 700 is worth $7.7 million.
However, he’d probably be best to sell now while prices are high. Most economists agree that the cryptocurrency market is a bubble just waiting to pop, but nobody knows when it’ll happen.
Things are really looking up for the G-Unit honcho. Back in 2015, 50 Cent was forced to file for bankruptcy after a series of financial mishaps, including several lawsuits. One lawsuit was over the release of a sex tape, while another was from a shady business deal that went south. All in all, 50 Cent owned over $32,000,000 and he just didn’t have the green.
But 50 caught a lucky break after he sued his defense attorneys for botching his trial, which they settled for the price of $14.5 million. This allowed 50 to emerge from bankruptcy as rich as ever. This whole bitcoin thing is just icing on his million-dollar cake.
But don’t feel too bad if you missed the bitcoin boat. 50 Cent made even more cash on the sale of vodka company Effen Vodka - $60 million, in fact. The real money is in vodka, not cryptocurrency.