Rapper 50 Cent “forgot” about his cryptocurrency
For his 2014 “Animal Ambition” album, rapper 50 Cent’s move to accept bitcoin as payment has resulted in a multi-million dollar windfall.
The hip-hop star, real name is Curtis Jackson, had collected about 700 BTC after moving to accept the cryptocurrency for the album, celebrity gossip site TMZ reported on Tuesday.
At the time, that amount was worth about $400k and the rapper was accepting payments through processor startup BitPay.
His holdings are now worth somewhere between $7 million and $9 million, by the publication’s estimation.
Jackson confirmed the TMZ article, posting excerpts from the article to Instagram and adding the caption: “Not Bad for a kid from South Side, I’m so proud of me.”
In a statement on his social media account, he claimed that he had “forgotten” about the cache of bitcoin since the release of the Animal Ambition album.
The performance artist has a history of entrepreneurial success, most famously as an early investor in Glaceau, which was later acquired by Coca-Cola for $4.1 billion.
Aside from music and occasional acting roles, he also has an extensive portfolio that includes real estate, dietary supplements, and a clothing line among other things.
He made waves by taking the step to accept bitcoin for the album, along with other musicians who have made similar steps.
Rock group Mastodon similarly started taking bitcoin via BitPay in 2014, and Icelandic singer Bjork announced that her “Utopia” album would be available to buyers using multiple cryptocurrencies in November last year.