Forgotten Proceeds from 2014 turns 50 Cent into a Bitcoin Millionaire
Curtis James Jackson III, better known as the rapper ‘50 Cent,’ has just realized that he is a bitcoin millionaire. He was one of the earliest musicians to be associated with cryptocurrencies in 2014. During the worldwide release of his album Animal Ambition at the time, he was also the first one from the music industry to accept bitcoin payments.
Bitcoin was trading at only around $662 per unit when the music album was launched. As per an article on the celebrity gossip website TMZ, 50 Cent received around 700 bitcoins, cumulatively worth $400,000 then. These bitcoins were sitting idle in a wallet all this time. Recently, these forgotten bitcoins were discovered, making them worth around $7.7 million.
The rapper took to Instagram to confirm this as he captioned, “Not bad for a kid from South Side, I’m so proud of me,” which was followed by the comment, “I’m a keep it real I forgot I did that shit. Lol.”
“All moneys is good money over here,” was a caption for yet another Instagram post with an image depicting the cryptocurrency.
50 Cent later tweeted, “A little bitcoin anyone? LOL. l know l make you sick but excuse me…I’m getting to the bag.” Even though he may have unknowingly stumbled upon his forgotten bitcoin, it is undeniable that adopting the cryptocurrency in the early days was a good idea.
Shortly after the release of Animal Ambition, the rap heavyweight held an AMA (Ask Me Anything), in which he stated, “Stay with times. technology is what’s changing the business gotta get with it. I take money no matter if its coins or dollars.”
The rapper had filed for bankruptcy in 2015 under Chapter 11. After restructuring his expenses, promised to pay off his debt of $23 million over the next five years. However, after reaching a settlement, he decided to pay off all of that $23 million of debt last year itself.
Bitcoin and Blockchain is Music to Artists’ Ears
The music industry is slowly warming up to cryptocurrency and blockchain technology. Hakim, son of legendary Jazz musician, composer Ray Draper and the cofounder of Boogie Shack Music Group has teamed up with Tao Network to build a blockchain-based distribution content platform. According to an article in Inc, Hakim’s Boogie Shack and Tao have teamed up to launch the platform’s XTO coin on CCEX. The plan is to use it as a unique cryptocurrency for the music industry.
Hakim believes that the cryptocurrency industry has tremendous potential. After he met Bryce Weiner, the founder of Tao Network, he was convinced that blockchain technology would revolutionize the music industry entirely.
From going bankrupt to now discovering that he is a bitcoin millionaire, life has come a full circle for 50 Cent. However, it remains to be seen whether he will decide to sell his cryptocurrency now or hold them for a longer period of time.
The cryptocurrency market is highly volatile and given that it can be traded 24 hours a day without any upper or lower circuit limits, the risk is quite quantifiable. Stock market exchanges have circuit limits on the listed stocks to prevent wild price swings or fluctuation.
Following the success of 50 Cent’s stint with cryptocurrency, the world may see a surge in businesses and celebrities accepting bitcoin. Fellow New York rapper Nas also took to bitcoin relatively early and provided the chance for some of his fans to win bitcoin in a competition in conjunction with Coinbase, of which he is an investor, in December 2014.