Publication: Albany Daily News. Posted by Ryan Frost
Posted by Ryan Frost
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Cryptocurrency has become all of the rage in the financial world, though it seems that there haven’t been many famous people openly talking about it. One exception would be rapper 50 Cent, who has been a major player in music since his hit song “In Da Club” in the early 2000s.
50 Cent, whose real name is Curtis Jackson, became one of the first musicians to accept cryptocurrency as payment. With the release of his album “Animal Ambition”, Jackson accepted 700 Bitcoins as part of his contract. At the time, each Bitcoin was worth around $650, putting it at a total value of just over $463,000. Just a few years later, that worth would skyrocket as Bitcoin would end up being worth well over $10,000. That meant that Jackson was sitting on millions of dollars worth of Bitcoin, though he knew nothing about it.
Jackson took to Instagram when he discovered that his transaction from his album had ballooned into millions of dollars. “Not bad for a kid from South Side,” he said. “I’m so proud of me.” He also posted a photo of himself with Bitcoins to show off how much he’s been able to make in cryptocurrency, starting a trend amongst celebrities. He did admit though that “I’m a keep it real. I forgot I did that s***.”
Jackson was fortunate enough to remember how to login to his cryptocurrency accounts, which is more than some people can say. Many have bought cryptocurrency in the early days of the movement and left it by the wayside to collect value. After it became a hot topic in the news as cryptocurrency (especially Bitcoin) became worth a lot of money, they tried to get into their accounts just to realize that they had forgotten their passwords.
Of course, one day the amount of Bitcoins that Jackson is sitting on can be worth millions one day and then far less the next. The volatile market has made people rich while others have lost a lot of money, though that’s pretty standard with any sort of investment. Bitcoin debuted in 2009 with small beginnings, but has since blossomed into being accepted by hundreds of thousands of merchants and vendors. The open source peer-to-peer cryptocurrency now has people who are new to finance and even technology very interested, and that includes famous people such as Jackson. Others that have gotten in on the rage include Ashton Kutcher, Jamie Foxx and DJ Khaled to name a few.