Thursday, 21 February, 2019

Cent makes $8 million from Bitcoin

50 Cent is a bitcoin millionaire even though he forgot about it for a few years 50 Cent is a bitcoin millionaire even though he forgot about it for a few years
Nellie Chapman | 27 January, 2018, 20:23

Seems agreeable since his initial investment dates back to when he accepted payments for his album Animal Ambition in 2014. "Lol", 50 Cent said in a now-deleted comment on Instagram. 50 Cent confirmed after a report on TMZ that the revenues generated from the sales were not touched. Today, 50 Cent's Bitcoin stash is worth approximately between $7 and $8.5 million. People have taken notice that 50 Cent has managed to take one of his lowest selling albums and turn it into a financial success. But in a twist, one partial explanation for that slump - the digitizing of a medium that was once exclusively material - also helps explain why its proceeds are now worth millions, as bitcoin's value has risen to stratospheric heights. As NPR reported in 2016, "He says he's broke, but he posted Instagram photos showing piles of cash in a refrigerator".

The business-savvy hip-hop star filed for Chapter 11 bankruptcy in 2015 and appears to be enjoying his stroke of luck.

The rapper has come a long way since he announced that he was bankrupt. The currency was still relatively new and only gaining momentum at the time. The current value of exactly 700 BTC, as of January 25th, is $7,812,010.50, rolling in a $7,412,010.50 profit.

However, as we have seen in the recent years, the world of cryptocurrencies can be very volatile. But since he was a believer in crypto right from the start, it's very unlikely that he will cash out. And to think that it's just four years since he first acquired the coins.