The rapper 50 Cent has reportedly become a bitcoin millionaire, after discovering that an account used to accept cryptocurrency for a 2014 album now holds a fortune.

More than three years ago, the musician and actor – real name Curtis Jackson – let fans purchase his album Animal Ambition using bitcoin – amassing 700 BTC. Worth around $400,000 at the time, using current rates that figure is now valued at between $7m and $8.5m.

On Tuesday (23 January) he told his 17 million Instagram followers: 'Not bad for a kid from South Side, I'm so proud of me. LOL." In the comments, confirming a report that his account was dormant for years, he added: "I'm a keep it real I forgot I did that sh*t."

A photoshopped image posted to social media showed the popular rapper smiling in front of floating bitcoins.

He wrote: "A little bit coin anyone? I know l make you sick but excuse me I'm getting to the bag."

News quickly spread across Reddit and social media channels. Back in 2015, Jackson ran head-on into a plethora of legal issues, being sued by Lastonia Leviston for $7m after posting a sex tape of her and a partner.

Shortly after, the business-savvy rapper filed for bankruptcy and was later ordered – as part of a repayment plan – to pay Leviston $6m.

He filed for chapter 11 reorganisation – paying debts but retaining business control – citing solvency issues. In February last year, he emerged from bankruptcy after paying out $22m (£17.6m). The same month, it emerged he was suing his own legal team for $32m for losing the case.

While his new-found bitcoin stash could prove to come in handy, Jackson is no stranger to the investment game. In 2007, Coca-Cola purchased Vitamin Water from Glaceau – a firm in which the rapper held a minority stake – for $4.1bn. Jackson earned up to $100m from the deal.

"This guy invested in Vitamin Water and bitcoin. Basically a gangsta version of Warren Buffet," wrote one commenter on Reddit Tuesday. Another jokingly added: "Get Rich or Die HODLing."