Rapper 50 Cent says he made millions selling his album for bitcoin

  • Rapper 50 Cent says he accepted bitcoin as payment for his 2014 album "Animal Ambition."
  • The 700 bitcoin he raked in are now worth between $7 million and $8.5 million, and he reportedly hasn't offloaded his stake yet.

50 Cent has figured out a way to make a killing in the struggling music industry, and it involves everyone's favorite cryptocurrency.

The rapper, best known for his string of chart-topping hits in the early 2000s, says that he accepted bitcoin as payment for his 2014 album "Animal Ambition," according to a report from TMZ. It was worth roughly $662 a coin back then, and TMZ sources say 50 Cent was able to rake in a total of 700 bitcoin.

Now that the red-hot cryptocurrency has exploded higher, trading around $11,300, his 700-bitcoin stash is worth somewhere between $7 million and $8.5 million, TMZ calculates. 

This isn't the first time 50 Cent has found himself in a lucrative investment situation. About a decade ago, he became a minority shareholder and celebrity spokesperson for VitaminWater, only to make a whopping $100 million after taxes after its parent company was purchased for $4.1 billion, according to Forbes.

RELATED: Check out the richest people in the world, according to Forbes:

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Forbes 9 richest people in America, 2017
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Forbes 9 richest people in America, 2017

Larry Page: $44.6 billion

Source of wealth: Google

Age: 44

Residence: Palo Alto, California

Read more on Forbes

Michael Bloomberg: $46.8 billion

Source of wealth: Bloomberg LP

Age: 75

Residence: New York, New York

Read more on Forbes

6. David Koch: $48.5 billion

Source of wealth: Diversified

Age: 77

Residence: New York, New York

Read more on Forbes

6. Charles Koch: $48.5 billion

Source of wealth: Diversified

Age: 81

Residence: Wichita, Kansas

Read more on Forbe

5. Larry Ellison: $59 billion

Source of wealth: Software

Age: 73

Residence: Woodside, California

Read more on Forbes

4. Mark Zuckerberg: $71 billion

Source of wealth: Facebook

Age: 33

Residence: Palo Alto, California

Read more on Forbes

3. Warren Buffett: $78 billion

Source of wealth: Berkshire Hathaway

Age: 87

Residence: Omaha, Nebraska

Read more on Forbes

2. Jeff Bezos: $81.5 billion

Source of wealth: Amazon.com

Age: 53

Residence: Seattle, Washington

Read more on Forbes

1. Bill Gates: $89 billion

Source of wealth: Microsoft

Age: 61

Residence: Medina, Washington

Read more on Forbes

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While 50 Cent was certainly ahead of the curve in terms of transacting bitcoin, he's not alone. In a recent op-ed for Business Insider, Seattle Seahawks superstar Richard Sherman said that his online store started accepting the cryptocurrency "long before people were campaigning for Amazon to allow virtual currencies as a payment method."

NOW WATCH: An exercise scientist reveals the exercise regime that will burn the most fat

More from Business Insider: 
Nobel economist Stiglitz sees no legal functions for bitcoin: 'We have a good medium of exchange called the dollar' 
TOM LEE: Bitcoin's bloodbath was totally normal and opened up 'the biggest buying opportunity in 2018' 
Credit Suisse says bitcoin's fair value is almost half its current price

SEE ALSO: One of Wall Street's best stock pickers shares his secrets for crushing the market

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