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Cent makes $8 million from Bitcoin

26 January 2018

TMZ reports that 50 - whose real name is Curtis Jackson - earned about 700 bitcoins, which today is valued at anywhere between $7 to $8.5 million.

He released the album Animal Ambition back in 2014 and was one of the first music artists to accept Bitcoin as a form of payment. Since then, the bitcoins have become worth almost US$8 million (S$10.4 million). He claims this even came unexpectedly as he commented on the same post, "I'm a keep it real. I forgot that I did that s-t".

50 Cent's newfound crypto-windfall likely comes at a good time for the rapper. As NPR reported in 2016, "He says he's broke, but he posted Instagram photos showing piles of cash in a refrigerator".

The 42-year-old tweeted a picture of himself with the caption: "A little bitcoin, anyone? LOL". 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. 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.

At the time, each coin was worth around $662, though fans were able to purchase the album by forking over just a fraction of an entire coin. "I know I make you sick but excuse me I'm getting to the bag".

Cent makes $8 million from Bitcoin