Last month, rapper Curtis Jackson, better known as 50 Cent, announced on Instagram that an accidental Bitcoin investment in 2014 had just made him rich. Not only had “Fiddy” turned rich, but he had also become a Bitcoin millionaire.
We really can’t say 50 was ever poor despite his 2015 bankruptcy case in which he ended up paying $23 million as a settlement to his debtors, but 50 Cent just joined a long list of celebrities who love Bitcoin.
How did 50 Cent end up buying Bitcoin?
In 2014, 50 Cent launched a new album titled “Animal Ambition”. He gambled with the then still new cryptocurrency network, asking his fans to purchase his album using Bitcoins. Back then, Bitcoin was valued at $662, meaning revelers would just spend a fraction of a Bitcoin on the album. By the time fans were done with his album, ‘Fifty’ had earned 700 Bitcoins or just $400,000 at the time.
Fast forward in January 2018, the Chicago born rapper heard of the hype behind Bitcoins and remembered that he had invested in the digital currency three years ago. It turns out 50 cent’s gamble had paid off and was now worth $7- $8 million. Each Bitcoin was now worth $11,000 each nearly 20 times the value in 2014. However, had the rapper withdrawn the money in late December when one Bitcoin was valued at $19,000, he would probably have made earned much more.
50 Cent confirmed the news on his Instagram account by saying, “Not bad for a kid from South Side; I’m so proud of me.” But who wouldn’t anyway?”
If 50 cent is still enthusiastic about the cryptocurrencies, he joined the following celebrities who have already affirmed their confidence in Bitcoin severally.
• Nas- Dabbed as one of the best rappers of all time, Nas is a big-time Bitcoin fan. This is clear from the numerous tech startups his company, Venture Bridge Venture Partners, has invested in. The biggest among them is Coinbase, one of the top Bitcoin exchange services.
• Jamie Fox-The Oscar award winner joined the Bitcoin frenzy early in 2017 when he started promoting a cryptocurrency app known as ‘Cobinhood.’
• DJ Khaled- Music mogul DJ Khaled showed his support for ICOS (fundraising efforts made by new cryptocurrencies) when he posed for a promotional video of the then new ICO, Centra. However, it turned out that Centra was not a good cryptocurrency, and his fans were not afraid to tell him. He ended up deleting the tweets.
• Floyd Mayweather Jr. – In early 2017, the 50 times boxing champion joined DJ Khaled in promoting Centra, the new ICO that later flopped following a lawsuit filed by the US government.
• Ashton Kutcher- The talented actor is a frequent investor in tech startups. He once commented Bitcoins at a Tech Crunch Conference, praising the digital network for having the ability to revolutionize the security industry.
• Paris Hilton- The billionaire heiress and TV star last year supported an ICO in a tweet. But she later removed it following criticism related to the ICO’s owner’s domestic violence behaviors.
• The Game- Another rapper to have supported an ICO is a rapper nicknamed as ‘The Game.’ The entrepreneur last year promoted an ICO owned by the tech company, Paragon.
• Roseanne Barr- The actress behind the comedy sitcom ‘Roseanne’ is a big fan of Bitcoins. In a tweet a few years ago, the star once took a dig at the federal government by saying Bitcoin was the solution the world needed to end government ruling.
• Donald Glover- This award-winning rapper and actor admitted that he loved Bitcoin in 2013.
• Mike Tyson – Mike is known for many things outside of the boxing ring, and the latest among them is a company that sells Bitcoin wallets and offer Bitcoin ATM services. Funny enough, the company is named after him, ‘Mike Tyson Bitcoin.’
So, what is Bitcoin and should you follow 50 Cent’s Lead? With celebrities showing support for the cryptocurrency and some like 50 becoming millionaires, you probably wonder whether to invest.
Bitcoin Definition: When people mention Bitcoin, they either mean the digital money payment method or Bitcoin the digital coin. When investing in Bitcoins, they purchase the digital coin. However, what matters is the technology behind it. Bitcoin is a decentralized network that runs a ledger of balances called the blockchain. The balances run the same digital coins 50 invested in.
Purpose of the Payment Network: The Bitcoin payment protocol enables users to send money around the globe without using a third party such as a bank. Bitcoin, among other virtual currencies, have some similarities to real money payment networks, but it is their unique services that make it such a popular invention as widely outlined in abitgreedy.com.
Bitcoin’s Unique Features and why 50 Cent Invested
• Decentralized- Bitcoin is not controlled by an institution or a person. It was invented by a person who chose to remain anonymous and depends on multiple dedicated computers to validate transactions.
• Immutable – Bitcoin payments cannot be reversed.
• Limited – Bitcoin’s supply is limited to 21 million Bitcoins, which makes its value to continue growing.
• Fast and convenient services- Completing a payment via Bitcoin can take less than a minute. You can also send payments to any part of the world at any time.
• Pseudonym – Bitcoin users do not have to identify themselves when completing payments. Their Bitcoin addresses are enough to make the payment go through.
Because of such unique benefits, 50 Cents and millions of other investors around the world have correctly predicted Bitcoin’s growth. However, the cryptocurrency has not always had a predictable growth curve. At one time in late December 2017, Bitcoin was valued at $19,000. A few weeks after 50 Cent announced he had become a Bitcoin millionaire, the cryptocurrencies valued had plummeted to $5000. Since then, the coin has risen in value to reach $10,000 by late February this year.
Conclusion
Bitcoin, among other cryptocurrencies, are investments that can earn you a fortune if you invest in them at the right time. They are however a volatile venture, and should, therefore, be keenly studied and approached with great insights and calculated risks.
