Rapper 50 Cent denied being a bitcoin millionaire in a bankruptcy filing, where he threw cold water on his newfound cryptocurrency credibility.
50 Cent, real name Curtis Jackson, filed a affidavit with a Connecticut bankruptcy court last week saying he ânever owned, and does not now own, a bitcoin account or bitcoins.â
The hype erupted in January 2018, when celebrity gossip site TMZ reported that 50 Cent received 700 bitcoin as payment for his fifth rap album, “Animal Ambition,” in 2014. (See more: Rapper 50 Cent just realized he’s a Bitcoin millionaire. )
Based on the current bitcoin price of around $10,500 per token, that’s over $7 million. This big treasure has undermined 50 Cent’s claims in his bankruptcy filing, where he insists he’s broke as a joke and can’t afford to pay his debts.
Jackson, whose net worth topped $155 million in 2015, added fuel to the rumor mill by playing with the hype and bragging about his cryptocurrency millions on Instagram and Twitter. The rap mogul has since deleted those posts.
But Jackson’s other Instagram posts, where he is happily pictured surrounded by stacks of cash, remain intact (see photos below).
In his bankruptcy filing dated February 23, 2018, Jackson confessed that he toyed with news articles promoting his bitcoin millions because it was good for his baller image.
“As a rule of thumb, as long as a news story doesn’t irreparably damage my image or brand, I generally don’t feel the need to publicly deny the news story,” Jackson explained. “This is especially true when I believe the press report in question is favorable to my image or brand, even if that report is based on a misunderstanding of facts or contains outright lies.”
50 Cent continued, “When I first saw the news stories about this, I posted on social media saying ‘I forgot I did this’ because I had actually forgotten that I was one of the first recording artists to accept bitcoin for online transactions.”
Jackson said he didn’t deny the positive press reports because it presented him as a smart businessman, which he thinks he is. “I did not publicly deny reports that I held bitcoin because the media coverage was favorable and suggested that I had made millions of dollars from my good business decision to accept bitcoin payments,” he said. he wrote.
Jackson filed for Chapter 11 bankruptcy protection in July 2015, saying his debts exceeded $32 million and exceeded his assets at the time by $24.8 million. (See also: 50 Cent Broke No More.)
Naturally, skeptics say 50 Cent is now claiming he doesn’t own bitcoin because he doesn’t want to be forced to hand them over. Or maybe he doesn’t want to pay taxes on his bitcoin earnings. (See also: IRS Wants to Tax Your Bitcoin Earnings: Orders Coinbase to Turn Over User Data.) Either way, the court will eventually find out the truth.
If 50 Cent were a bitcoin millionaire, he would join a growing list of people who profit from the cryptocurrency’s meteoric price spikes. Bitcoin was first released in 2009. In 2010, its price peaked at 39 cents per coin. Today, BTC is worth over $10,000 per token. (See also: $10 billion lawsuit filed against man who claims to have invented Bitcoin.)
Investing in cryptocurrencies and other initial coin offerings (“ICOs”) is highly risky and speculative, and this article is not a recommendation by Investopedia or the author to invest in cryptocurrencies or other ICOs. Since each individual’s situation is unique, a qualified professional should always be consulted before making any financial decision. Investopedia makes no representations or warranties as to the accuracy or timeliness of any information contained herein. As of the date of writing this article, the author does not hold any bitcoins.