50 Cent's bitcoin gamble that made him a multi-millionaire

Curtis 50 CENT Jackson bet on bitcoin back in 2014 - but forgot that hew had. Photo / Getty Images

When 50 Cent released Animal Ambition in 2014, he decided he'd take a leap of faith and accept bitcoin as a legitimate way to pay for his fifth studio album.

Plenty of people scoffed at the rapper's decision to embrace the volatile digital currency but less than four years later, the 42-year-old is laughing all the way to the bank.

At the time, 50 Cent, whose real name is Curtis Jackson, ended up with around 700 bitcoin from those who decided to pay for Animal Ambition with the cryptocurrency.

Back then, that equated to around $624,000 because one bitcoin was worth $898. Not a bad profit but also not a huge addition to his multimillion-dollar fortune.

Today however, Jackson can thank bitcoin for adding a whopping $10.5 million to his already huge bank account.

But, the rapper's bitcoin gamble isn't even the best part of the story.

When TMZ broke the news earlier this week that he was now sitting on a bitcoin fortune, the rapper took to Instagram to admit he didn't even remember the gamble.

"Not bad for a kid from South Side, I'm so proud of me. LOL," he wrote.

And in a later comment added, "I'm a keep it real I forgot I did that s**t. Lol."

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Jackson also gloated about his new-found fortune on Twitter.

In a Reddit Q&A at the time, Jackson said he was accepting the cryptocurrency to keep up with the times.

"Technology is what's changing the business gotta get with it," he wrote. "I take money no matter if its coins or dollars."

But considering how often and violently the bitcoin market fluctuates, Jackson might be gearing up to leave the cryptocurrency market soon.

Earlier this month, the cryptocurency market lost US$206 billion overnight in what traders described as a "cryptocalypse", with bitcoin heading back towards its US$10,000 milestone first reached last November.

Whether or not Jackson decides to bail out of bitcoin, it definitely isn't the first successful business venture the rapper has been a part of.

The 42-year-old is involved in artist and talent management, record, television and film production. He also has major stakes in a number of beverage industries and footwear and apparel companies.

Jackson is also a licensed boxing promoter, has purchased an equity stake in a platinum, palladium and iridium mine in South Africa and has starred in a number of movies. He also owns his own audio company SMS Audio.

In 2015, the rapper applied for bankruptcy and restructured his finances, agreeing to pay off the US$23 million he owed to the government over five years.

He has since reportedly finished paying off the owed millions meaning if he ever wants to turn his bitcoin fortune into the $10.5 million it's worth, he can bank the whole thing.