The story goes way back to 2014. Back then rapper 50 Cent, AKA Curtis Jackson convinced his fans to buy his album “Animal Ambition” by paying through Bitcoin. He introduced people with Bitcoin, long before people actually knew about it. He then forgot about his account altogether and let it lie unused for years. He recently reported in January this year, that he found out he has now become a bitcoin millionaire, he earned $8 million to be exact. This has driven others to buy bitcoin as well.
At the time 50 Cent decided to buy Bitcoin, the value of a single Bitcoin was $662. The cost of the album for the fans was just a fraction of that. He earned a total of $400,000 from selling his album in bitcoin. We all know since then how much the value of bitcoins have risen. Earlier in the month of January the price of Bitcoin has gone up to $17,000 but only in a week it dropped to $10,000. All his earnings which 50 Cent left untouched in his digital wallet, are worth now around $7 million to $8.5 million.
50 Cent took over to Instagram and Twitter to share this news, where he posted “Not bad for a kid from South Side, I’m so proud of me.” He later also added that he had forgotten about that money at all. 50 cent is just among the other people who buy bitcoin just forget about it. He was lucky to remember his login info.
Later that month he denied all the news about him being Bitcoin Millionaire and also deleted his posts from social media. Only a year ago he was discharged from bankruptcy. However, after this news he had to file new documents in the bankruptcy case. He stated that all the news surrounding his bitcoin fortune was false. He had never bought any Bitcoin or bitcoin accounts and to his knowledge, none of his companies has ever had any bitcoin account from 2014 to present.
50 Cents also clarified that when he had posted, “I forgot I did that”, he meant that he had forgotten he was the first artist to accept Bitcoin for online transactions. He also mentioned that he did not deny all the hype because he always takes advantage of the situation when the press coverage is favourable for his image. Even if the news was based on a misunderstanding, he did not deny it as it had not damaged his image irreparably. He was very proud of his own business decision of accepting Bitcoin payments.
The documents that he filed also suggested that he received some currency but that was not because he did buy Bitcoin. The transactions were handled by a third party which converted it immediately into U.S. dollars.
Some news reports also cleared off the fact that he received 700 Bitcoins for his album, as reported by TMZ. The court papers showed that he only received 6 to 7 Bitcoins in 2014.