What are two things that were once household names that you don’t hear much about these days? Bitcoin and 50 Cent. However, both may still be more relevant than their recent relative obscurity would lead you to believe.
The cryptocurrency is no longer grabbing headlines, but it was certainly a hot item that had many people — including celebrities — investing.
Meanwhile, 50 Cent is no longer filling the airwaves, but he is still among the most famous hip hop artists on the music scene.
The other connection between these two is a rumor that 50 Cent made a wise investment in bitcoin that paid off in a major way. Is there any truth to the claim? Let’s take a closer look.
50 Cent crashed into financial problems
Once at the top of the rap game, 50 Cent fell into financial hard times due to some poor decision making. When he was found legally responsible for leaking a woman’s sex tape, he was facing a $5 million court fine. Around the same time, he got caught up in legal battles over unpaid child support. At one point, he was $32.5 million in debt.
As he faced these repercussions, he ended up filing for personal bankruptcy, a fact that was made all the more unbelievable by his once staggering $150 million net worth.
50 Cent is far from the only celebrity who has gone broke, but there were several lessons to be learned by his particular path to bankruptcy. Many saw the financial ruin as a natural consequence of the rapper straying too far from his talents by taking on acting as well as music and by displaying immense immaturity when he released the sex tape as a jab at rap rival Rick Ross.
Rumors swirled that 50 Cent had invested in bitcoin
In the midst of his financial downfall, rumors swirled that 50 Cent had made the unusual choice to get paid for his 2014 album in bitcoins. This wouldn’t be completely unheard of.
After all, Beyoncé once got paid in Uber shares instead of dollars, and that investment paid off for her. Over the years, many have speculated that 50 Cent’s unique payment plan had paid off and that the star had made $8 million from his bitcoin investment.
However, it turns out that the rumors were untrue. In legal documents surrounding his bankruptcy, 50 Cent made it clear that not only did he not make millions from the transaction, he never even owned any bitcoin to begin with. Why didn’t he set the record straight when the rumors began? He figured that any positive press was good press, even if it was inaccurate.
Bitcoin has been a volatile investment
There are a lot of confusing and misunderstood beliefs about bitcoin, but that hasn’t stopped many celebrities from investing in the cryptocurrency. Those who have made the choice to put some of their earnings into the new and untested currency include Ashton Kutcher, Richard Sherman, and former Spice Girl Mel B.
A lot of these investments have paid off though not necessarily in the flashy ways that many speculated they would. Richard Sherman, for example, regrets cashing his bitcoins in when he did because he thinks he could have made more. Still, he turned a $1,000 investment into $20,000.
A lot of celebrities who have invested in bitcoin and other cryptocurrencies are still holding onto their investments and playing the long game. Some, including Mel B, have become spokespeople for companies designed to make cryptocurrencies more available and even accept bitcoin payments for their own artistic products.
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