The first time rapper 50 Cent got lucky with falling into a large sum of money was with Vitamin Water. One declining rap career later he invested in Bitcoin and it paid off again. After releasing a terrible album that no one listened to he decided to take what little he made from sales and receive payment in Bitcoin. He managed to accumulate close to 700 Bitcoin at around $662 per coin. His $400,000 turned into around $13 million at Bitcoins peak and sits somewhere $7 million currently. Smart. But if he’s even smarter than everyone suspects he’s cashed in and pulled out from the Ponzi Scheme known as the first wave of cryptocurrencies.
The entire cryptocurrency market became overinflated the minute it made every headline month after month. The same guy who can’t explain what a blockchain is before has sold his house to invest in what he believes is the next goldrush. Crazy gains are over now that governments are stepping in to regulate and a tax every time the currency is moved instead of only when cashed out. Everything from Etherum to Ripple plummeted in January and the CEO of Litecoin doesn’t even believe in what he created. It’s time for the big boys to get paid and move on to the next.
Photo Credit: Pacific Coast News