50 Cent Claims He “Never Owned” $8 Million in Bitcoin

Last month, I discussed how rapper 50 Cent reportedly had $8 million in Bitcoin that he forgot about. But more-recent reports suggest that he claims to have never had any Bitcoin. Through bankruptcy court documents, 50 stated that he “has never owned, and does not now own, a bitcoin account or any bitcoin.” 50 Cent, […]

Last month, I discussed how rapper 50 Cent reportedly had $8 million in Bitcoin that he forgot about. But more-recent reports suggest that he claims to have never had any Bitcoin.

Through bankruptcy court documents, 50 stated that he “has never owned, and does not now own, a bitcoin account or any bitcoin.”

50 Cent, who’s legal name is Curtis Jackson II, filed a “Declarations of Bitcoins” after news of him owning somewhere in the neighborhood worth of $7-$8 million worth of Bitcoin.

This contrasts previous statements by the 42-year-old, such as when he said “I’m a keep it real I forgot I did that shit [Bitcoin]. Lol.”

What do 50 Cent’s Court Documents State about Bitcoin?

In court documents obtained by Yahoo Finance, Jackson claims to have not made much at all from bitcoins:

“All online transactions involving my brand were handled by an independently owned and operated third part, Central Nervous LLC.. the limited bitcoin transactions that occurred online were processed and converted to U.S. Dollars contemporaneously, based upon the then-existing exchange rate…”

His legal team also provided screenshots of his BitPay account, which show a couple hundred transactions, mostly ranging from $5.50 to $8.90. This revenue came from copies of his Animal Ambition album, which was released in 2014.

50 Cent Claims to Have Only Accepted 6-7 Bitcoins

Original news reports claimed that Jackson received around 700 bitcoins. This would be worth $7.5 million, based on today’s price of $10,600 per BTC.

Instead, 50 Cent’s legal team claims that he only received 6-7 bitcoins, which would’ve been worth a few thousand dollars in 2014 (BTC price was $657).

Here’s more from the court document that Jackson’s team presented:

“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 the report is based on a misunderstanding of the facts or contains outright falsehoods.

“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. I did not publicly deny the reports that I held bitcoins because the press coverage was favorable and suggested that I had made millions of dollars as a result of my good business decision to accept bitcoin payments.”

 

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