50 Cent Backtracks On His Apparent Bitcoin Fortune
As it turns out, 50 Cent isn’t the Bitcoin mogul he wanted us to think he was….but that could just be what he wants the bankruptcy court to think.
Back in January, TMZ reported that 50 stated he had made millions due to him getting on the Bitcoin wave super early, and offering that as a payment option to fans for his album, Animal Ambition. According to the reports, Fif raked in about 700 bitcoins in sales. Then, the cryptocurrency was valued at around $662 per bitcoin, the site calculated the decision had hauled in over $400,000 at the time. The Queens rapper was reportedly said to have sat on the lump sump, and with the huge boom of Bitcoin’c value, he ended up making between $7 million and $8.5 million.
Now this is where things get tricky. According to court documents obtained by The Blast, the rapper had to answer for the reported sum in bankruptcy court on Monday, and he completely denies ever owning or using any Bitcoin at all. Though the documents state that he did accept Bitcoin payments, 50 alleges the money was converted to U.S. dollars by a third party before it ever reached his hand….which, kind of defeats the purpose of Bitcoins in the first place? But that’s his story and he’s sticking to it.