Rapper 50 Cent, Who Bragged About Owning Bitcoin, Now Denies It
Curtis ’50 Cent’ Jackson attends the Philipp Plein fashion show in 2017 in New York.
Charles Sykes/Charles Sykes/Invision/AP
First, he forgot about owning millions of dollars’ worth of bitcoin. Then he bragged about it. Now, 50 Cent, who is filing for bankruptcy, says he never owned any of the digital currency after all.
As NPR’s Bill Chappell reported last month, the rapper, whose given name is Curtis Jackson, acknowledged in a 2014 Reddit discussion that he had accepted bitcoin in partial payment for his Animal Ambition album. A TMZ report subsequently reported an estimate of the amount he received was about 700 bitcoin.
At the time, individual units of the volatile cryptocurrency would have been worth a few hundred dollars each, but today, bitcoin is valued at around $10,000.
In a (since deleted) Instagram post in January, the rapper bragged about his discovered windfall, saying he ‘forgot’ that he had owned it.
“[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 present,” the court papers said.
The documents state that he did receive some of the currency, but that a third party company handled the transaction and that it was converted immediately into U.S. dollars.
As Coindesk reports, the filing suggests that the number of bitcoin received for the album was far fewer than the 700 reported by TMZ. Based on print-outs included in the court papers, TechCrunch estimates that 50 Cent may have received only about 6 or 7 bitcoins in 2014.
As part of the filing, the artist himself claimed that he did not dispute the TMZ report because, “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 that report is based on a misunderstanding of the facts or contains outright falsehoods,” he said. 50 cent bitcoin
“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,” he added. 50 cent bitcoin
Rapper 50 Cent, AKA Curtis Jackson, has denied he is a bitcoin millionaire, after earlier reports stated he had around $8m in bitcoin earnings he had forgotten about.
In 2014, he allowed fans to purchase his album Animal Ambition using the cryptocurrency. Earlier this year, the website TMZ reported that Jackson had earned around $400,000 of bitcoin from the transactions, but had forgotten about them, and his account was dormant. TMZ suggested that, with the recent spike in the value of bitcoin, Jackson had multiplied his initial stake many times over.
In January, the rapper quoted the report on Instagram and wrote: “Not bad for a kid from south side, I’m so proud of me.” He added: “I’m a keep it real I forgot I did that shit.”
In new court documents amid Jackson’s lengthy bankruptcy case, he has denied the reports. “The limited bitcoin transactions that occurred online were processed and converted to US dollars contemporaneously,” the documents state, suggesting that just a few thousand dollars were earned via the bitcoin transactions.
Jackson has said that stories about his apparent bitcoin windfall were false. He reasoned, however, that: “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 favourable to my image or brand, even if the report is based on a misunderstanding of the facts or contains outright falsehoods.”
Jackson emerged from bankruptcy in February 2017, but certain details of his case continue to be ironed out, including ongoing disputes with Dorothy DeJesus and Candace Scott, who were injured after Jackson was involved in a brawl with audience members at a 2004 concert.
Rapper 50 Cent has said he isn’t actually a bitcoin millionaire, despite implying he was just over a month ago. 50 cent bitcoin
A report in TMZ stated 50 Cent bitcoin, real name Curtis Jackson III, had accepted around 700 bitcoin as part of his work on the 2014 album Animal Ambition.
At the time, the bitcoin’s worth would have equalled $400,000, but at today’s rate, it would have been worth more like $8m.
Jackson appeared to quite clearly confirm the reports on his Instagram by posting a screenshot of the report with the caption: “Not bad for a kid from South Side, I’m so proud of me.” 50 cent bitcoin