50 Cent Admits He's 'Never Owned Bitcoin' Despite Claims
Rapper says he made up Bitcoin story for free publicity
Rapper 50 Cent made headlines last month after stories emerged that he had recently discovered that he owned $7 million worth of Bitcoin that he had "forgot" about.
The hip-hop star said he had accepted Bitcoin as a payment option for his album "Animal Ambition" which was released four years ago.
The entertainer claimed he had forgotten that he accepted the cryptocurrency for payment and only recently realized he had it.
Due to the huge surges in value for cryptocurrencies in those 4 years, it was claimed that his windfall had made him a bitcoin millionaire.
50 Cent, real name Curtis Jackson, files for bankruptcy in 2015, and these headlines about his windfall drew attention from his creditors who demanded the money they were owed.
This meant that Jackson was forced to explain himself in court, and leaked court files exposed the truth behind the headlines.
Coin Thud reports: 50 Cent was forced to declare in court that he, or any of his companies, have “never owned, and does not now own, a bitcoin account or any bitcoin.”
The documents were first obtained and published by The Blast.
Curtis James Jackson III filed the “Declaration on bitcoins” last week.
The filing date is weeks after the reports had circulated that he had rediscovered millions of dollars worth of cryptocurrency.
At the time, Jackson said in response to the news of his Bitcoin windfall: “I’m a keep it real I forgot I did that sh*t. Lol.”
Never owned Bitcoin
He states in the declaration that he never handled any Bitcoin himself, or kept hold of any of it:
All online transactions involving my brand were handled by an independently owned and operated third part, Central Nervous LLC.. the limited bitcoin transactions that occurred online were processed and converted to U.S. Dollars contemporaneously, based upon the then-existing exchange rate…
As evidence, he provided a few screenshots of his BitPay account.
The statement shows a couple of hundred transactions, most of which were for $5.50 or $8.90.
Bitcoin purchases seem to barely contribute to the 200,000 copies of his Animal Ambition album that eventually sold.
The original reports claimed 50 Cent’s album had taken around 700 Bitcoins as payment.
The records don’t show anywhere near this figure though.
Of the few thousand dollars worth of transactions paid for with Bitcoin, it works out closer to 6 or 7 Bitcoin were received.
At the time, being worth roughly $657 per Bitcoin, they would total around $70,000 at today’s value.
Although it would be a healthy return, it’s nowhere near the original claims of $7 million.
And according to Jackson himself, he never received any of the Bitcoin personally, so didn’t profit from it either way.
So if the reports were false, why did 50 Cent confirm the stories to be true?
This question is something Jackson also had to answer to the court, and he explained it in the documents:
As a general matter, so long as a press story is not irreparably damaging to my image or brand, I usually do not feel the need to publicly deny the reporting. This is particularly true when I feel the press report in question is favorable to my image or brand, even if the report is based on a misunderstanding of the facts or contains outright falsehoods.
When I first became aware of the press reports on this matter, I made social media posts stating that “I forgot I did that” because I had in fact forgotten I was one of the first recording artists to accept bitcoin for online transactions. I did not publicly deny the reports that I held bitcoins because the press coverage was favorable and suggested that I had made millions of dollars as a result of my good business decision to accept bitcoin payments.
Although tales of early investors becoming millionaires through their Bitcoin investments are fairly typical these days, unfortunately for 50 Cent, this tale was nothing more than a publicity stunt.