US rapper, 50 Cent, is US$7m richer after cashing in ‘forgotten’ bitcoin stash.
In 2014 US rapper 50 Cent launched his latest album, Animal Ambition. Whilst it was generally met with mixed reviews from critics, the album is memorable because the rapper, whose real name is Curtis Jackson, accepted bitcoin as payment for copies of it.
“Technology is what’s changing the business,” said the rapper when making the announcement. “Gotta get with it. I take money no matter if its coins or dollars.”
Four years on, 50 Cent is certainly not regretting his decision to “get with it”. The 700 bitcoins that Jackson received in payment for Animal Ambition, which at the time amounted to around US$450,000, are now worth between US$7m and US$8m.
Whilst 50 Cent is not the only individual to get rich from bitcoin, what is amazing is that until earlier this year he had forgotten owning the bitcoin at all.
Newswires suggest that 50 Cent plans to use the money to turn his songs into a TV show. Reports are unconfirmed that he plans to buy his own ‘candy shop’, however.