After TMZ( a magazine for showbusiness and celebrity gossip) conducted investigations that suggested 50 cent’s album, Animal Ambition had netted about 700 Bitcoins, the rapper responded with a comment on Instagram admitting that he had forgotten about it.
In another response on Twitter, he hinted he was going to cash in on his earnings, even though a good number of Bitcoin holders suggested otherwise.
Although the decision to accept Bitcoin payments for his album at the time was a bit unexpected of the rapper, 50 cent is known for taking business risks considering his earlier partnership with an upstart beverage company that saw his net worth propel further upwards.
Was it a Desperate Move Accepting Bitcoin?
However, a few critics will agree that perhaps the decision to accept Bitcoin and partner with Bitpay via Shopify was more of a desperate move to make sales. At the time, the album only sold 124,000 copies and only went as high as number 4 on Billboard’s top 100 Charts (an entertainment media company that also ranks popular songs).
Needless to say, Animal Ambitions was not one of 50 cents best-performing projects in terms of sales, and perhaps the move to accept Bitcoin payments was to help the sluggish sales that the album received at the time to gather momentum. According to CoinMarketCap, the 700 Bitcoins amounted to about $400,000, given that Bitcoin was priced at about 650 USD at the time.
Animal Ambition a Successful Album Sale
However, with the current price of Bitcoin at around $11,000, the album might pretty much be one of his best-selling monetarily, considering it was among the first projects in the music industry to accept Bitcoin as payment.
Without a doubt, if 50 Cent really did receive that many Bitcoins, the project will be considered a success that might just trigger more mainstream acceptance of Bitcoin. For the music industry at large, Blockchain definitely presents a tool for disrupting gatekeepers and established centralized institutions that control most of the payment and distribution of content from artists.
However with the price volatility of Bitcoin, TMZ suggested in their publication that the rapper “might want to think about unloading soon while the getting’s still good”
Do you think 50 Cent should sell his Bitcoins? Share your thoughts and opinions in the comments section below.