*

but really, I understand it's supposed to be a representation of wealth (I'm so rich I wear new stuff all the time etc etc), but he was on the 68 bus?

Yep. Similar to another habit few (real and wannabe) bredrens I know have, like dry cleaning everything.
To be honest, I understand where it used to come from in times when some people for some irrational (ie. racist) reason were regarded as worthless, not to be trusted etc.
Now there are different times and it's just a street/gangsta style for everybody to pick up as they wish. Gold teeth and sovereign rings don't make you look rich either, but not everybody gets it.