Back in 2014, rapper 50 Cent made an unusual deal that would eventually lead to an unexpected financial windfall. When he agreed to accept bitcoin as payment for his album “Animal Ambition,” the digital cryptocurrency was worth several hundred dollars per unit. He agreed to accept bitcoin from people buying the album.The cost of the album was less than one full bitcoin.
Today, after many highs and lows, bitcoin’s value has gone back up, making 50 Cent’s deal a significant financial success.
The Bitcoin Deal
According to TMZ, “Animal Ambition” brought the rapper around 700 bitcoins and in 2018, that amounted to bitcoin worth $7.8 million. At the time of the album’s release, those bitcoins were worth several hundred thousand dollars. As of June 15, with bitcoin valued at $66,183.90 per unit, 50 Cent’s bitcoin would be worth roughly $46.3 million. This does not factor in album sales after 2018, if the album could be bought with cyptocurrency.
This revelation comes nearly a decade after the rapper, whose real name is Curtis Jackson, filed for bankruptcy protection. Despite his financial troubles, including a Chapter 11 bankruptcy filing in 2015 where he claimed liabilities of $32.5 million against assets of $24.8 million, Jackson has had notable financial successes. His sale of a stake in VitaminWater in 2007 netted him about $100 million after taxes.
His bankruptcy case was discharged in 2017 after he paid $22 million to settle his debts, according to the Hartford Courant.
The story of 50 Cent’s bitcoin fortune began with his decision to accept the cryptocurrency as payment for “Animal Ambition.” Released through his G-Unit Records in partnership with Virgin’s Caroline Records, the album’s sales were modest compared to his debut, “Get Rich or Die Tryin’.” However, the decision proved lucrative in the long run.
At the time of the album’s release, bitcoin was valued at around $660.
On the day the album was released, he participated in a Reddit Ask Me Anything session, discussing his decision to accept bitcoin as a way to “stay with the times.” Bitcoin’s price has been volatile, and it remains unclear if 50 has cashed in or hung onto his bitcoin.
