Rapper 50 Cent Denies Owning Any Bitcoin
50 Cent, the rapper who claimed in January that he had accepted bitcoins as payment for his album, officially admitted that he has never owned any Bitcoin.
The rapper declared in court that he “has never owned, and does not now own, a bitcoin account or any bitcoins, and…none of his companies had a bitcoin account from 2014 to the present,” celebrity news website The Blast reported, citing court documents that 50 Cent filed in his bankruptcy case.
Late January, entertainment news website TMZ reported that 50 Cent had agreed to accept bitcoins as payment for his fifth album Animal Ambition and became the one of the first artists to accept the cryptocurrency as payment.
50 Cent, whose real name is Curtis Jackson, earned about 700 bitcoins from, which has a current value of about $7 to $8.5 million. At that time Bitcoin had a value of around $662 per coin and the rapper’s cryptocurrency stash was worth more than $400,000.
Apparently, the artist forgot about his Bitcoin stash, it was reported.
Responding to the TMZ article, 50 Cent wrote on social media that he was proud of himself for being an early investor in Bitcoin.
However, the rapper admits in the documents filed in the court that Bitcoin was indeed accepted as payment for Animal Ambition sales, but a third party converted it into US dollars before he or his companies could access the sales proceeds.
50 Cent also stressed that he has never personally owned a bitcoin account or any bitcoins, The Blast said.
The rapper, who faces bankruptcy proceedings, has come clean on the matter after the US Trustee and creditors questioned him regarding his Bitcoin investment. 50 Cent, then, asked his advisers to probe the matter.
Regarding his playing along the fake news story, 50 Cent explained in the court document that as it never did any irreparable damage to his image or brand, he never felt the need to publicly deny the report.
“This is particular 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,” he added.
by RTT Staff Writer
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