Music

Whoops! 50 Cent unintentionally made $8 million dollars in Bitcoin

The rapper was one of the first artists to accept a payment in Bitcoin back in 2014. He forgot all about it, and now he has a small fortune.

When 50 Cent launched his fifth album Animal Ambition in 2014, he agreed to receive Bitcoins as part of his payment. He reportedly raked in around 700 Bitcoins in album sales at a time when one Bitcoin was worth US$657 (AUS$812).

That would amount to around US$460,000 (AUS$568,468) in sales. Not too shabby.

The musician took part in a Reddit AMA the day the album came out, and curiously, he explained why he accepted the cryptocurrency as payment.

“stay with times. technology is what’s changing the business gotta get with it. I take money no matter if its coins or dollars,” he said.

Fast forward to today, those 700 Bitcoins are worth a whopping US$7,770,000 (AUS$9,602,166). Now we’re talking!

The rapper confirmed the news in a now-deleted Instagram post captioned: “Not Bad for a kid from South Side, I’m so proud of me,” and commented on his own post, “I’m a keep it real I forgot I did that shit. Lol.”

He later followed it up with bitcoin imagery with the caption: “all moneys is good money over here.”

The sudden boost in 50 Cent’s finances is well received as he’s supposedly just peeking out of an alleged period of insolvency.

In 2015, he restructured his finances and filed for Chapter 11 bankruptcy, agreeing to pay off US$23 million (AUS$28 million) in debt within a five-year span.

At the time, the musician was the centre of controversy for his decision to file for bankruptcy, yet posting pictures on social media of his refrigerator filled with cash. In another post, he used bricks of money to spell the word ‘broke’.

In 2016, he reportedly finished paying off the debt early after receiving money from a different settlement.