It turns out 50 Cent is an accidental HODLer of Bitcoin as he has just discovered this week that he has 700 Bitcoins sitting in a wallet he completely forgot about. The rapper and POWER series executive producer and actor revealed this in now deleted Instagram posts and comments that he had "totally forgotten about that sh*t."
50 Cent received the Bitcoin as a result of allowing fans to buy his 2014 album, Animal Ambition, using Bitcoin.
In a Reddit AMA in 2014 shortly after announcing the availability of the Animal Ambition album, 50 Cent explained that he was accepting Bitcoin payments because he wanted to "stay with times. technology is what's changing the business gotta get with it. I take money no matter if its coins or dollars."
At the time, a single Bitcoin was worth around $600 and if reports circulating that the total amount of Bitcoins he received is 700 are true, then Fiddy is sitting on approximately $9 million worth of cryptocurrency in value at the time of publishing, when you take into account all the Bitcoin forks that have happened since the release of the album and their values today.
2014: 50 Cent's Animal Ambition album payment options.
Animal Ambition was sold online by 50 Cent using Shopify. Shopify at the time had just introduced Bitcoin payments as a payment option using Bipay as a payments processor.
The irony of this is that despite the value of Bitcoin skyrocketing over the years, it would be difficult for music artists today to convince fans to pay with Bitcoin considering the high transaction fees. High Bitcoin transaction fees have also resulted in popular Silicon Valley online payments processor, Stripe, announcing this week that they will no longer be processing Bitcoin payments.
This could all change and see Bitcoin become the superior blockchain if the Lightning Network ends up being adopted and used by most people. The Lightning Network allows Bitcoin users to create what is called "payment channels" with each other, simply put, this enables them to temporarily bypass the Bitcoin blockchain and makes Bitcoin transactions faster and cheaper.
Cover image credit: 50 Cent. | Alex Const/Flickr