With multiple star athletes receiving portions of their salaries in Bitcoin, it was only a matter of time before the trend reached the music industry. The Atlanta rapper Money Man becomes the first rapper to receive his $1 million advance from EMPIRE, in Bitcoin.
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Back in 2018, Money Man bought himself out of his previous record label contract with earnings from his early investments in Bitcoin. Three years later, his new label is set to pay him exclusively with the cryptocurrency. Currently, a single Bitcoin is valued at nearly $67,000. $1 million in Bitcoin divides out to roughly 15 coins. This means that, despite receiving a flat $1 million from EMPIRE, Money Man could ultimately make much more money than he was initially given in his advance. If Bitcoin’s price surges, that $1 million advance could transform into a much bigger chunk of change.
To go along with his Bitcoin advance, Money Man also announced that his new album “Blockchain”, set to release on November 12. It is abundantly clear that Money Man is all-in on everything having to do with Bitcoin, the blockchain, and cryptocurrencies.