Was 50 Cent One Of The First In The Industry To Accept Bitcoin As Album Payment?

50 Cent is known for his forward-thinking, so was he ahead of the curve with Bitcoin?

In 2014, it was said he was one of the first to embrace cryptocurrency in the music industry by TMZ. He agreed to accept Bitcoin as payment for the album sales of “Animal Ambition,” NPR reported. He was driven by a desire to  “stay with [the] times,” mentioned CNBC.

At the time it was said 50 Cent had received nearly 700 bitcoins, placing its value at more than $400,000. By 2018, Bitcoin’s value had reportedly surged and the bitcoin was worth between $10,000 to $12,000 per coin. This increase brought the estimated value of 50 Cent’s 700 Bitcoin to a range between $7 million and $8.5 million.

“Not Bad for a kid from South Side, I’m so proud of me,” 50 Cent wrote in a now-deleted Instagram post, according to CNBC. “I’m a keep it real. I forgot I did that sh-t.”

While Bitcoin’s worth was impressive at the time, its value has grown since. Benzinga reported that bitcoin’s value soared to $68,973 by June 2024. This means 50 Cent could have earned $48 million if he had retained the Bitcoin he was estimated to have received.

50 Cent has since debunked claims that he had earned 700 bitcoins from the “Animal Ambition” project, despite reports. Per NPR, the 700 figure Bitcoin payment was inflated, with the actual amount being closer to six or seven Bitcoins.

Additionally, 50 Cent stated in court documents that he “has never owned, and does not now own, a Bitcoin account or any Bitcoin.” He also claimed that his companies did not hold any Bitcoin, TechCrunch stated.

As to why he did not shut down previous reports surrounding the bitcoin and the album, it was because it was not damaging to his brand.

“As a general matter, so long as a press story is not irreparably damaging to my image or brand, I usually do not feel the need to publicly deny the reporting,” 50 Cent said, according to NPR. “This is particularly true when I feel the press report in question is favorable to my image or brand, even if that report is based on a misunderstanding of the facts or contains outright falsehoods.”

He added, “When I first became aware of the press reports on this matter, I made social media posts stating that ‘I forgot I did that’ because I had, in fact, forgotten I was one of the first recording artists to accept Bitcoin for online transactions.”