50 Cent accidentally made $8 million in bitcoin

Photo by: Charles Sykes/Bravo/NBCU Photo Bank via Getty Images

In 2014, rapper 50 Cent let people buy his album Animal Ambition using bitcoin. He then let his account lie unused for years, and only just recently discovered that he’s now a bitcoin millionaire, as first reported by TMZ.

At the time, a single bitcoin was worth only $662, and the rapper’s fans could pick up the album for a fraction of that. In total, he pulled in over $400,000. Since then, the value of bitcoin has soared: the price of the cryptocurrency rose as high as $17,000 earlier this month, only to drop under $10,000 in recent weeks. (At the time of writing, bitcoin is now worth a little more than $11,000.) After sitting untouched in his account for years, 50 Cent’s earnings are now worth $7 million to $8.5 million, based on the current fluctuating bitcoin valuation.

Credit: Instagram

50 Cent confirmed his new windfall on Instagram and Twitter, saying, “Not bad for a kid from South Side, I’m so proud of me.” He later commented on his post: “Ima keep it real, I forgot I did that shit lol.”

Bitcoin evangelists on Twitter were quick to respond to 50 Cent, pitching him the various crypto platforms and coins that he should check out next. One of them even joked that 50 Cent would like the coin DeepOnion because it used to be valued at fifty cents.

50 Cent is just one of many people who acquired bitcoin, only to forget about it. He’s lucky that he remembered his login info. Many others have forgotten their old account logins and lost out on potential wealth, which will forever be locked away due to the nature of cryptocurrency.

Comments

lol that’s pretty awesome. Good for 50

great story!

Who’s Ima?

Go back to bed grandpa.

Fitting, as it’s the kind of dad joke that your own dad would groan at.

Looks like we need to get ‘grandpa jokes’ added to the vernacular.

Your mom.

There is nothing "accidental" about this. I don’t understand why the media keeps insisting that it was.

That’s how long-term buying and holding looks like. You buy and forget about it. I would say his choice to sell his album in exchange for bitcoin shows it was in fact 100% intentional and a long term gamble.

Good for him.

400k isn’t a lot of money for him. He likely completely forgot to liquidate his Bitcoin earnings, so it’s entirely accidental that he even "held" the Bitcoin.

No clue, I assumed he had a lot from Vitamin Water, but then again rappers and sports stars aren’t known to live within their (considerable) means, so I guess I shouldn’t be surprised he’s also broke.

That was personal bankrutcy, the bitcoin is probably apart of his business that was not affected by the bankrutcy. That is why when people say he is broke, I laugh at them. Power alone is worth several million dollars, and his company owns it outright.

Yes, it was accidental.

It would have been "100% intentional and a long-term gamble" if he had made a conscious decision to sit on the Bitcoin for a few years, expecting its value to soar, and then cash in. He didn’t. He fully admits that those 700 Bitcoins were something he had forgotten he had. It wasn’t a deliberate investment strategy.

He just got the Bitcoin, didn’t cash in at the time, probably because he thought it wasn’t worth the bother, only to then see its value shoot through the roof.

When 8M turns to 50c

I’d buy that for TreeFiddy

God dammit Loch Ness monster, I ain’t gonna give you no tree fiddy!

I’m definitely one of those people who acquired some Bitcoin back in the day and lost it.

However, I’m 95% sure it was a meaningless amount – like 0.15 or maybe even 0.015. I honestly can’t remember.

It was maybe 2012-ish when it was worthless and if you signed up for a Bitcoin wallet, they gave you a bit for free. So there’s $255-2,550 down the drain that I’m not really concerned about.

50 sold 124,000 copies of his animal ambition album in the US. the year of release (2014). Assuming the album sold for an average of $10, that’s $1,240,000. I just don’t believe that $400K of that $1.24M was bitcoin. That’s ~33% of total album sales in a currency a majority of the world didn’t know about at that time. Good for him and all but the story just doesn’t add up for me.

50 Cent accidentally made $8 million in bitcoin

Which is worth exactly zero dollars unless he can actually liquefy it.

Liquefy!? I think you’re doing cryptocurrencies wrong if you’re aiming to drink them.

Why would it be exactly zero dollars?

All he needs is a Coinbase account or someone he trusts with one. (Sure, there are better and faster ways than Coinbase for that much, but I’m just talking about the minimum that could be done). He might not be able to liquify it all in one quick step, but worst case, $100k-$200k or so a week until it’s gone. Fees and possible assistance doing it might mean he wouldn’t get the full 8 million, but he’d get a lot more than zero from it easily.
Bitcoin has an ~$8 billion daily volume. I’m sure selling $8 million isn’t out of the question for 50 cent.

I had a co-worker who was a bitcoin fanatic. He plugged tens of thousands of dollars into bitcoin in 2012 and couldn’t stop talking about it, always. We used to tease him for being so nutty about it.

I’m pretty sure he’s a multi-millionaire now.

View All Comments
Back to top ↑