Banks don't rap with a backpack I'm in it for the
(*Money) Uh the (*Money) Uh the (*Money) Uh the (*Money) Uh the (*Cake!)

from Lloyd Banks (Ft. 50 Cent) – Cake Lyrics on Rap Genius

Meaning

A “backpack rapper” is an artist that is usually anti-mainstream that raps about real life problems rather than hitting mainstream for the fame and money.

Bank isn’t a backpack rapper, he raps for money therefore will probably do anything to make money.

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