If you remember the music of 50 Cent (whose real name is the rather less glamorous Curtis James Jackson III), you’ll know that he was a rapper who didn't ever quite manage to reach legendary status in the same way that Eminem, Snoop Dog and even Jay Z have managed to achieve. His biggest song In Da Club spent nine weeks at the top of the Billboard chart back in 2003, but it hasn’t been his catchy music making the headlines this week; it’s been his speculative, shrewd investing!
While most of us can only dream of a big windfall, perhaps through the joys of a lottery win, with traditional investments failing to really deliver a serious return as interest rates remain fairly miserable, 50 Cent managed to make a serious fortune by forgetting about an investment that he probably never even really knew he was making in the first place. Four years ago, he released an album, funnily enough called Animal Ambition, that made him become the first artist to accept Bitcoin as a form of payment. He received more than 700 Bitcoins but then forgot all about it, leaving him with a stash today worth around $7-$8 million.
A True Jackpot Haul
To put that in perspective, lotto.net notes that the Florida Lotto has jackpots of around $5 million, which would be seriously life-changing money for most people. So, for 50 Cent, it really has been like winning the lottery this year! By no means, however, is he the only celebrity to be involved in the world of Bitcoin. Indeed, the list of celebrities interested in the cryptocurrency is extensive, and it will be interesting to see whether or not the likes of Paris Hilton, Jamie Foxx, and even Floyd "Money" Mayweather will end up being victims of any future cryptocurrency bubble burst, or whether they’ll be pleasantly surprised in years to come, just like 50 Cent was.
Whether we see a bubble burst or not over the next few years where virtual currencies are concerned, there is no doubt that 50 Cent will be enjoying spending his windfall of money if he cashes it in now (the volatility of the cryptocurrency is such that we can’t tell, even next week, what the value will be).
Is He the Only Windfall Winner?
While 50 Cent has hit the headlines this week after coming into even more money, he isn't the only one who has taken up the chance to further his fortune, with Matt Kemp being photographed playing the lottery before, and Chris Singleton considering it an investment to drop $10,000 on lottery tickets (although sadly he didn't win big).
Perhaps what all of this shows is that while 50 Cent might have come out as a big winner who took a chance on a speculative investment, he certainly isn't the only mega wealthy star who is keen to ensure that their fortune can be added to by taking a risk investing in different ideas or playing the lottery.