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50 Cent Just Got Rich Off Of Bitcoin And, Honestly, We're A Little Jealous

50 Cent Just Got Rich Off Of Bitcoin And, Honestly, We're A Little Jealous
Updated 4 months ago

50 Cent got shot nine times back in 2000. 

Since then, though, things have mostly been going well. There's that whole rap career thing that people still enjoy to this day. There's the biopic based on his life back from 2005. There was that time he took a celebrity endorsement for VitaminWater's XXX flavor in lieu of direct payment before the company was bought for over $4 billion and he personally cashed in a modest $100 million after taxes. And most recently, Mr. Get Rich or Die Tryin' doesn't have to die tryin', having gotten into the bitcoin market while the getting was good. 

Curtis Jackson started accepting bitcoin for his 2014 album Animal Ambition and when all was said and done wound up with about 700 of them, which he either prudently sat on or forgot about (more on this later) for the last four years. In 2014, the bitcoins traded for about $662 apiece. Well, demand for cryptocurrencies has started to really dance, resulting in a huge boom at the beginning of this year and a current trading price of whopping $11,300 apiece.

Good news if you have 700 of them sitting around - 50's cache is now worth between $7 - $8.5 million. The most facepalmey part of this whole enterprise is that he did actually forget all about his stash until the recent surge in value.

That "I forgot" element actually might be important. Despite the 'mostly well' financial health he's enjoyed, there was a bit of a hitch in 2015 when he declared bankruptcy and lost a couple lawsuits - one of which was because he released, without consent, a sex tape of a woman who happened to have a child with his rival Rick Ross (she won $7 million in the suit). The $10K or so the bitcoins were worth at the time may not have been of note to the court then. But things have certainly changed in the bitcoin market, so it's likely that at least some of the massive debt he still owes after his bankruptcy will get a significant nibble taken out. 

Diversify your portfolio, folks.  

H/T: Business Insider