[UPDATE] February 27, 2018 03.30 a.m. EST: According to recent court documents obtained by The Blast, 50 Cent never owned any bitcoin. The news counteracts our earlier report which stated the rapper was paid around 700 bitcoins for his ‘Animal Ambition’ album. If redeemed in the current cryptocurrency market, this figure would be worth anywhere between $7 and $8.5 million.
The court documents filed by 50 Cent – birth name Curtis Jackson — was for bankruptcy, and refute the original bitcoin claims. The document states Jackson “never owned, and does not 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 documents then detail that the bitcoin used to purchase the album was processed and converted to USD by a third party before it reached his companies. Addressing why he didn’t publically deny the story, Jackson said:
“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.” He adds, “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.”
Read the original report below.
Back in 2014, 50 Cent was paid around 700 bitcoins for sales on his Animal Ambition album and, in doing so, became the first rapper to accept bitcoin as payment for his work.
At the time, one bitcoin was worth about $662 making the total payment he received worth around $460,000. Fast forward four years and bitcoin’s meteoric rise in value to between $10k and $12k has 50 Cent’s wallet worth anywhere between $7 and $8.5 million.
50 took a risk back in 2014 and it has more than paid off, as he is now reaping the benefits of his investment in cryptocurrency before the bubble.
In a celebratory Instagram post (above), the rapper posted a screenshot of an article detailing his investment.
In other music news, Drake has been accused of stealing his ‘Scary Hours’ cover art.
- Main & Featured Image: Kevin Winter / Getty Images