So what’s the big deal? You see, 50 Cent isn’t just any millionaire. He is a bitcoin millionaire.
I don’t know what that means. In 2014, 50 Cent released an album called Animal Ambition, and he allowed fans to purchase it using cryptocurrency.
I have never heard of this album. Don’t worry, nor has anyone. The rapper made only 700 bitcoin from the scheme.
That isn’t a lot. Well, it wasn’t. But he apparently forgot to do anything with those 700 bitcoin, and now they have a value of almost $8m (£5.6m).
That’s stupid. I don’t even know how money works any more. What makes it stranger is that 50 Cent filed for bankruptcy in 2015.
Stupid, yes. But welcome to the 21st Century.
One Bitcoin was worth around $600 in June of 2014, when Animal Ambition was released. So those 700 Bitcoin were actually worth a tidy sum then: around $420,000.
He did indeed file for chapter 11 bankruptcy a year later, but CNBC points out that doesn’t mean he was broke: “Chapter 11 is the drug of choice for celebrity debt problems. You don’t have to be broke to file for chapter 11, but it could mean you don’t have good cash flow.”
50 Cent has good cash flow now.
(Photo: Drew Altizer / WENN)