[2018-01-25] "50 Cent" Makes Millions Selling Album For Bitcoin

[cybersofts]

50 Cent Makes Millions Selling Album For Bitcoin



Curtis "50 Cent" Jackson made a lot of money by being an early believer in Bitcoin, TMZ.com reported on Tuesday. After giving the cryptocurrency a chance 4 years ago, he is now reaping the benefits which amount to over $7 mln, according to current exchange rates.

50 Cent became the first rapper who started accepting Bitcoin as payment for his fifth album “Animal Ambition” released in 2014. At $5.50 a copy which was equivalent to 0.0088 BTC back in 2014, the unexpected “money genius” made about 700 bitcoins which were worth more than $400,000 that year.

The rapper is reported to have kept all of his bitcoins without selling them for years until 2018. During that time the cryptocurrency has grown immensely -- with the current price set at around $11,000, Jackson’s 700 coins are now worth more than $7 mln.

50 Cent has confirmed the news of his successful ‘Hodling’ on Twitter:

    A little bitcoin anyone? LOL. l know l make you sick but excuse me...I’m getting to the bag 💰 #denofthieves pic.twitter.com/DCJu2thDr9
    — 50cent (@50cent) January 23, 2018

 
He also posted on Instagram: “Not Bad for a kid from South Side, I’m so proud of me,” commenting that he had forgotten he even owned the coins.

TMZ claims that 50 Cent might think twice about withdrawing his earnings now. Since the overall cryptocurrency market has declined significantly over the past month, it may be better for 50 cent to sit it out, if he can afford it.


Source: https://cointelegraph.com/news/50-cent-makes-millions-selling-album-for-bitcoin

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1715092465

[yojodojo21]

So if he made about 700 bitcoins and just stored it, then the best time to withdraw all of His Bitcoin is when it reach the price of 20k USD so that he can earn about over half Billion. It's a good thing that he doubt to withdraw all of it, well he HODL For how many years then He could just HODL  for months also.

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HODLING is the best way to invest.

[cybersofts]

So if he made about 700 bitcoins and just stored it, then the best time to withdraw all of His Bitcoin is when it reach the price of 20k USD so that he can earn about over half Billion. It's a good thing that he doubt to withdraw all of it, well he HODL For how many years then He could just HODL  for months also.

-
HODLING is the best way to invest.

Indeed, HODLING for long-term is way better than short-term and at least he tried for hodling for 4 years for God's sake. In fact, he turns $400,000 to a $7 million. Do you know how hard it is to HODL for 4 years? Too bad, the TMZ only counted the money for Bitcoin BTC without the Bitcoin Cash BCH, Bitcoin Gold BTG and so on. I think "50 Cent" would get up to $10 million+ if the TMZ added the value of BCH, BTG, and the rest of coins.  

[1Referee]

I actually like this. I however also understand that he is in a position to sell his music for Bitcoin and then keep holding on to his coins. Retailers won't be able to do this because of the constant cashflow that they need, where we also have to take into consideration that they don't want to be exposed to this market's wild price swings. 50Cent has an eye for what route to follow when it comes to investments, and this once again confirms his business and investment instinct.

TMZ claims that 50 Cent might think twice about withdrawing his earnings now. Since the overall cryptocurrency market has declined significantly over the past month, it may be better for 50 cent to sit it out, if he can afford it.

That quote confirms it. He is in a position to not liquidate his holdings, which again, doesn't apply to retailers. There might come a future where retailers are willing to hold a small percentage of their sales in Bitcoin, but more than that is not really going to happen. We just have to accept that not everyone is interested in Bitcoin. Merchants just want to scoop up extra revenue by having Bitcoin as additional payment option.

[darkangel11]

commenting that he had forgotten he even owned the coins.

That's completely normal. People like him are so overwhelmed by other things like concerts, travelling, parties, and then you have to find time to eat, hit the gym, get some sleep At least he's not trying to act like he's some great investor. He got it, he held it and now he's got more, and if he's smart about it he's going to have even more next year.
That old saying that the rich are getting richer while the poor are getting poorer comes to mind. A poor guy wouldn't be able to afford to forget about 700BTC.

[Slow death]

he is a very rich singer, if he accepts bitcoin as a form of payments for his album then he has many bitcoins going into his wallet and he does not have to keep track of the bitcoin price every time he has other sources of income, I believe he as many rich must have accepted bitcoin as something he wishes to collect. The rich have this advantage ... they can invest in many altcoins and simply forget that they made such investments.

I just wonder what the purpose of the news is? they want to use 50 cent as a source of inspiration? or advertise in favor of bitcoin (something you do not even need because bitcoin is already very popular)

[gabbie2010]

50 cent has a strong belief in bitcoin and he took the risk and in a long run the risk paid off, of course he keyed into world of Cryptos particularly bitcoin when it was introduced to him as a means of payment for the purchase of his album, as it is now he is hodling bitcoin worth 700 which is massive compared to the present price of bitcoin.

[J. Cooper]

commenting that he had forgotten he even owned the coins.

That's completely normal. People like him are so overwhelmed by other things like concerts, travelling, parties, and then you have to find time to eat, hit the gym, get some sleep At least he's not trying to act like he's some great investor. He got it, he held it and now he's got more, and if he's smart about it he's going to have even more next year.
That old saying that the rich are getting richer while the poor are getting poorer comes to mind. A poor guy wouldn't be able to afford to forget about 700BTC.

It really seems like it was more of a buy and forget type of story that we're seeing here. Of course he has a lot more to think about than his bitcoin investment. But after he dropped form 150 mol to 20 million this year the estimated 7-10 million might come in handy for him. Fair play to him.

[Reatim]

Get Rich or Die Tryin' 

I wasn't aware though that he started accepting bitcoin and he was one lucky guy to jump on the bandwagon early because it already made him tons of money out of it. Well there are thousands of people who have also invested on bitcoin but totally forgot it until such time that bitcoin price is already at the 5 digit mark.

Its a risk that he has taken, although not as bigger risk because he has already sold millions of album already. But sometimes to have to really take risk to get bigger rewards at the end.

[squatter]

Here's what I don't get. 50 Cent filed for bankruptcy in 2015. TMZ says the coins sat in "his account" for years. What account, a Coinbase account? A bitcoin wallet?

The coins were still worth > $400,000 when he received them, so I'm curious what the creditors in his bankruptcy settlements think about this windfall. My thinking was, if you hide BTC from bankruptcy (or divorce) proceedings, you shouldn't go tell TMZ about it later.

Our sources say "Animal Ambition" pulled in about 700 bitcoin in sales ... over $400k. We're told the cryptocurrency sat dormant in his account for years.

[bitcoinisbest]

If they even sell partially and hold the rest and will still suffice. As price is down currently and with some positive news across the world it can sky rocket in coming times and cross 15k in a first target. Hopefully with some positive updates with bitcoin around can boost the confidence of investors as well and will help to pick up the demand and price will start to rise. Couple of years down the line the prices might quadruple and they would multiply the total value form now.