Is 50 Cent a Bitcoin millionaire? The "Candy Shop" rapper has responded to the rumors that he has acquired an insane fortune from cryptocurrency.
50 Cent's bitcoin fortune allegedly started back in 2014, when the rapper accepted cryptocurrency as a payment for his album Animal Ambition. Since then, the cost of the cryptocurrency has gone up exponentially that, as of writing, 1 bitcoin is equal to over $10,000.
50 Cent Denies Bitcoin Fortune
However, in new documents acquired by The Blast, the Grammy-winning artist admitted that he does not own about 700 bitcoins, which were valued to be worth $8 million.
"A declaration of the Debtor (the "Jackson Declaration") addressing in recent media reports regarding bitcoin is attached hereto as Exhibit C," the document reads. "By way of summary, the Debtor has never owned, and does not now own, a bitcoin account or any bitcoins, and to the best of his knowledge, none of his companies had a bitcoin account from 2014 to the present."
The document, however, admits that the rapper did receive bitcoin as payment for copies of Animal Ambition, but he says that a third-party company converted it to U.S. dollars before it even reached him or any of his companies.
Moreover, he said that he never refuted the rumors publicly because the "press story is not irreparably damaging" to his image, and this particular rumor was favorable to his brand. After the bitcoin boom a couple of weeks ago that saw the cryptocurrency fluctuating between $10,000 to $12,000, 50 Cent did seem like a pretty smart investor.
The rumor became problematic because 50 Cent filed for bankruptcy in 2015, and the alleged bitcoins were not declared to court. To prove that he was really bankrupt and he never lied to court, he had to refute the rumors.
The "In Da Club" rapper did play into the cryptocurrency fortune rumor for quite a bit. The Verge reported that the 42-year-old posted about his bitcoin wealth on Instagram and Twitter.
"A little bitcoin anyone," he posted. "LOL. I know I make you sick but excuse me... I'm getting to the bag."
He did admit to a fan who commented on one of his posts that he forgot that he once accepted bitcoins in exchange for his album.
The initial TMZ report published in January claims that 50 Cent acquired bitcoin around the time that the cryptocurrency was valued at $662. According to the publication's source, the rapper has been sitting on the account for years.