Rapper 50 Cent Isn’t a Bitcoin Millionaire After All | Crypto News Monitor

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You might be able to discover rapper 50 Cent within the membership with a bottle filled with bub’, and he might have what you want — simply so long as what you want isn’t Bitcoin.

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Disappointing followers of each rap and digital foreign money in every single place, it seems that Curtis James Jackson III — generally identified by his rap deal with 50 Cent — isn’t a Bitcoin millionaire in any case. Or so he claims.

As was originally reported by TMZ, 50 Cent was one of many first rappers to simply accept the dominant digital foreign money from these trying to buy his 2014 “Animal Ambition” album. At that point, Bitcoin was roughly $664 every — and TMZ’s sources instructed the outlet that Jackson had raked in almost 700 bitcoins in gross sales. It was additionally knowledgeable that the cryptocurrency remained untouched in 50 Cent’s account for years, insinuating that the rapper had shrewdly allowed that Bitcoin to mature into upwards of $eight.5 million.

50 Cent later all however confirmed the report in a now-deleted Instagram post, through which he shared the report and added the caption:

Not unhealthy for a child from South Side, I’m so happy with me.

Now, nonetheless, 50 Cent is strolling again that comment, going as far as to assert he by no means owned any Bitcoin by any means.

On Friday, as reported by CNBC, the rapper — underneath penalty of perjury — filed paperwork concerning his 2015 Chapter 11 chapter case, clarifying that he “[has] not owned, either a bitcoin account or any bitcoins.” He additionally explains:

When I first grew to become conscious of the press stories on this matter, I made social media posts stating that ‘I forgot I did that’ as a result of I had the truth is forgotten that I used to be one of many first recording artists to simply accept bitcoin for on-line transactions.

Jackson additionally claims he was merely using the wave of some constructive media consideration:

I didn't publicly deny the stories that I held bitcoins as a result of the press protection was favorable and steered that I had made tens of millions of because of my good enterprise determination to simply accept bitcoin funds.

So What Happened to That Bitcoin?

If 50 Cent was permitting prospects to buy his album with Bitcoin, certainly some people obliged — so what occurred to that Bitcoin?

According to the filings, third-party fee processor Central Nervous used BitPay — an organization specializing in Bitcoin fee processing — to transform the digital foreign money into fiat earlier than G-Unit Records ever acquired a maintain of it.

According to Leon Bayer, a chapter lawyer at Bayer Wishman & Leotta, this determination to not hodl Bitcoin might maintain him out of authorized hassle. Bayer instructed CNBC’s Make It:

So lengthy as he accurately reported his revenue from the album sale, it doesn’t matter if he acquired paid in pesos, euros, drachma or bitcoin.

This might assist maintain Jackson out of scorching water, but it surely definitely value him a fortune.

If you have been in 50 Cent’s place in 2014, would you might have instantly transformed your Bitcoin income into fiat? Are you disillusioned to study that Jackson isn’t actually a Bitcoin millionaire? Let us know within the feedback under!

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